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Egypt’s Suez Canal Authority (SCA) was named as the best Arab government institution in the second edition of the Arab Government Excellence Award.
SCA Chairman Osama Rabie received the award on Thursday during a ceremony held at the Arab League (AL) premises in Cairo to announce the winners of Arab Government Excellence Awards.
This Arab competition is organised under the auspices of Sheikh Mohammed bin Rashid, the ruler of Dubai and Prime Minister of the UAE.
The 72-kilometre-long Suez Canal – which connects the Mediterranean and the Red Seas – is the shortest maritime route between Asia and Europe and is the fastest crossing from the Atlantic Ocean to the Indian Ocean.
Around 12 percent of the world’s trade passes through the canal.
The world’s longest man-made canal without locks is one of Egypt’s main sources of foreign currency.
In 2022, the Suez Canal’s revenue hit a record $7.9 billion, up from $6.3 billion in the previous year.
The total number of vessels that crossed the canal this year reached 23,400, up from 21,700 in 2021.
Meanwhile, total cargoes that crossed the canal this year hit a record high of 1,420 billion tons, up from 1,220 billion tons in 2021.
The Egyptian Ministry of Communications and Information Technology was also picked as the best Arab ministry
Shaikha Al-Bahar, Deputy Group CEO at National Bank of Kuwait, received “Distinguished Services to Arab Banking Award 2022” from the Arab Bankers Association (ABA) in recognition and appreciation of her dedicated efforts and outstanding contributions to the growth of the Arab banking industry.
Lord William Russell, the former mayor of the City of London, presented the award to Al-Bahar, during the Arab Bankers Association’s annual event, which was held in London, England and was attended by top executives and key leaders across the financial services industry.
In her acceptance speech, Al-Bahar said NBK has adopted a cooperate culture of leadership, that doesn’t only drive excellence, but rather actively demonstrates that excellence. Drawing from this unique culture, NBK’s leaders inspire their team members to forge a carrier in the banking industry by providing them with the right tools to create efficiencies and deliver the best results.
“I am very proud of what I have achieved throughout my career with NBK. It gives me more pride that my professional career was closely aligned with my personal believes and goals, which helped me achieve a lot of my personal aspirations, especially the ones that relate to giving back to the community through responsible banking practices”. Al-Bahar said.
“I am also honored to be a member of the leadership team that has guided NBK to its prominent position as one of the region’s leading financial institutions.” Al-Bahar added.
Al-Bahar highlighted that behind her personal accomplishment, there was dedication and willingness to differentiate herself through hard work, thinking outside the box, and getting out of her comfort zones.
Al-Bahar described her professional journey as one filled with devotion, evolution, and inspiration, from its starting point as a trainee in one of NBK’s branches, all the way until she took the helm as DGCEO. Throughout this unique journey, she managed to leave a positive footprint and played a key role in shaping the Group’s strategic vision, a direction that successfully positioned NBK as the most Valuable Banking Brand in Kuwait and among the top five banking brands in the region.
Al-Bahar emphasized that NBK adopts an open culture of customer-centricity, innovation, digital mindset, and data-driven decision-making to well position NBK as a digital leader and trendsetter in Kuwait and the region, building next generation digital banking experience.
NBK Group Deputy CEO also stated that the long-term interests of all NBK stakeholders are inseparable, as the Bank continues to create added value to all its customers, employees, and communities.
“A real leader knows how to drive change. Therefore, I am committed to advocating for greater boardroom diversity and continue developing and supporting various women empowerment initiatives, the latest of which was launching “NBK RISE”, a first-of-its-kind Global Women Leadership Initiative designed by women for women”. Al-Bahar noted.
Al-Bahar emphasized the importance of gender balance in boardrooms, as nowadays it has come to the forefront. Therefore, NBK took the initiative and started from within, ensuring that women break boardroom barriers and that they have adequate representation on all our boards and committees.
“In today’s fast-changing global environment, we continue to inspire our teams to be future leaders and provide them with the tools to transform organizations, enhance value creation, create efficiencies, and deliver better results.” Al-Bahar said.
Al-Bahar believes that continuous learning is key to success, and that people learn the most when thrown in the deep end.
Acknowledgment and Appreciation
In conclusion of her speech, Al-Bahar acknowledged the collaborative dedication of NBK employees, highlighting their efforts as they continue to elevate NBK’s leadership position to new heights.
“This award reflects our vision to continue building on our excellence and further strengthens our resolve to maintain the course of our inclusive, resilient, and sustainable approach. At NBK, we have always been focused on developing effective leaders within and throughout our organization, and thereby improve the overall quality of our operations.” Al-Bahar concluded.
A Role Model for Ambition
Former Mayor of the City of London, Lord William Russell, said that Al-Bahar is a role model for the ambitious women across the Middle East and on the international front, adding that as a leading banker in the GCC, she offers a strategic viewpoint and distinct voice that is recognized and valued by politicians and leaders.
A Prominent Role
Meanwhile, Mr. George Kanaan, CEO of the Arab Bankers Association, stressed that Al-Bahar was instrumental in the growth of banking services throughout the Middle East, as well as in assisting enterprises and organizations to obtain the financial products and services they required to achieve their goals.
The Arab Bankers’ Association (ABA) was founded in 1980 and is a London-based not-for-profit professional organization whose members work in banks and related industries in the Arab world and in the United Kingdom. ABA is dedicated to strengthening the connection and interdependence among members of the financial sector in Arab nations and the United Kingdom through constant contact and information exchange, as well as a diverse range of activities and events.
Al-Bahar receives the award from Abdulaziz Al-Khuraiji, Chairman of the Board of Directors of the Arab Bankers Association in London, and George Kanaan, CEO of the Arab Bankers Association.
With a strong determination to help women’s inclusion in the mining industry, Bensetti has a strong belief in women’s ability to defy norms and pursue a career in any industry.
Women in Mining UK, an NGO dedicated to supporting women in the mining sector, selected CEO of OCP subsidiary DOOC Ibtissam Bensetti to feature in the 2022 “100 Global Inspirational Women in Mining” (WIM100) in recognition of her contributions to the global mining industry.
With this nomination, Bensetti became the first OCP personnel and Moroccan national to feature in the 100 Global Inspirational Women in Mining.
The NGO’s global top 100 list celebrates women’s contribution to the mining industry at all levels. The biennial publication stresses women’s skills and expertise in the global mining industry and celebrates role models for future generations.
Women inclusion in mining
The organization selects nominees based on different criteria, including creative innovation and sustainable working.
“A WIM100 woman offers proactive advocacy to those working in the mining industry and beyond. She empowers her colleagues to ensure everyone feels heard, welcomed, and respected,” the NGO said.
Bensetti has been able to take her place in the WIM100 for her leadership in OCP as a CEO at the group’s subsidiary DOOC, which specializes in industrial operations consulting, safety, and sustainability.
Having joined OCP in 2012, Bensetti has more than a decade of experience in the mining industry at different levels, particularly in sustainability roles in mining and chemical industrial operations, as well as corporate development.
Carrying the spirit of women’s empowerment during her journey, Bensetti has been working on spreading that spirit among her team members, particularly women, through supporting OCP’s female talent as well as increasing the number of women in management.
Delighted to be part of the WIM100 list, Bensetti stressed her emphasis and belief in women’s talents.
“In my mind, there is no impenetrable fortress for women, women can defy the norms and pursue a career in any industry,” she said, conveying her encouragement and endorsement for the inclusion of women in the mining industry.
The CEO acknowledged that the industry might have been a male-dominated industry but claimed that that’s in the past thanks to global efforts seeking to ensure gender equality at different levels. Women make up between 8% and 17 % of the global mining workforce, a McKinsey report has found.
The report also identified, however, several reasons and challenges that prompt women’s exit from the industry.
“The top reasons for leaving the industry are feeling that work is no longer intellectually challenging and having the perception that there are fewer advancement opportunities than there are for their male colleagues,” the report stressed.
Appointment and education
Bensetti was appointed as CEO of DOOC in June 2021 to replace Hamid El Mahfoudi, who retired.
She joined OCP a decade ago, filling positions related to strategy, corporate development, and industrial operations.
Graduating from Telecom Paris in 2004, Bensetti amassed 18 years of experience in management consulting, industry managing, coaching, and leading teams in transformation journeys.
Bensetti is also a graduate of The World Business Council for Sustainable Development’s LEAP Program, a one-year sustainability training program that seeks to empower women and help advance their positions and careers.
Having gender equality as a center of focus during her career, Bensetti is determined to continue her battle to help empower women in the mining industry.
“Being a woman engineer in industry, I have been fighting this battle all my life,” she wrote on her LinkedIn bio.
CEO of the Middle East, Global Entrepreneurial Markets, and Sub Sahara Africa at Procter & Gamble (P&G) Omar Channawi has featured in the Forbes’ “Global Meets Local 2022” list for the MENA region.
The Moroccan businessman also holds the position of P&G’s Senior Vice President of Sales in Asia Pacific, the Middle East, and Africa.
Channawi started his career with P&G Morocco in 1993 and assumed his current position in 2019 after building a solid career with the American consumer goods corporation over two decades.
P&G is the parent organization of numerous well-known brands such as Downy, Pampers, Always, Braun, Gillette, Olay, Oral-B, and Head & Shoulders.
The company’s portfolio also includes brands that are often seen as competitors in the MENA market such as Tide and Ariel.
According to Forbes, P&G accumulated $80.2 billion in net sales in the 2021/22 financial year with the Middle East, Africa, Asia Pacific, and India contributing to 14% of total net sales.
The decades-long economic growth recorded in some MENA economies has encouraged numerous multinational companies such asP&G to set up offices in the Middle East, most often in the region’s largest economic hub Dubai.
The presence of multinational companies in the region, according to Forbes, “create[s] thousands of jobs as well as bringing technological advancements and capital into the region.”
This year, Forbes recognized 51 executives from 50 companies for the 10th edition of its annual Global Meets Local ranking. The companies operate in the technology, banking, food and beverage, pharmaceuticals, and automotive sectors.
As for the executives, they represent 27 nationalities with most CEOs coming from Britain and France, each had five executives on the list.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has been elected as Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund (IMF), which aims to achieve international cooperation and consensus on issues related to development. The DC is a joint ministerial committee of the Boards of Governors of the Bank and the Fund.
During his two-year tenure, the minister will work with the committee’s members that include ministers, and the Board of Governors of the WBG and IMF to complete and manage the committee’s programmes related to sustainable and comprehensive economic development, in order to build and develop the economies of developing countries.
Al Hussaini thanked the member states and the WBG for electing him as the Committee Chairman, stressing the United Arab Emirates’ keenness on cooperating and coordinating with its strategic partners and all international organisations to enable comprehensive and sustainable development at all levels.
A ministerial-level forum that represents the member countries of the World Bank Group and the International Monetary Fund, the Development Committee was established in 1974 and was previously known as the ‘Joint Ministerial Committee of the Boards of Governors of the Bank and Fund’. It comprises 25 members from the finance or development ministries that are members of the WBG and the IMF.
The Committee is mandated to address a wide range of issues, including, but not limited to, the role of the IMF and WBG, in confronting future crises, digitalisation, the green economy, trade, industrial policies, and poverty.
Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, Chairman of the Committee leading Great Arab Minds, and Secretary-General of the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), highlighted the details of “The Great Arab Minds” initiative.
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in January 2022, the initiative is the Arab world’s largest movement designed to search for exceptional talents among Arab scientists, thinkers, and innovators across key fields.
The Great Arab Minds initiative, under the MBRGI, aims to identify, support and acknowledge leading thinkers in the region, amplify their impact and inspire future generations. One of its main purposes is to reduce the emigration of Arab scientists, specialists, intellectuals, doctors, and engineers.
He affirmed that “The Great Arab Minds” initiative reflect His Highness’ vision in reigniting the Arab World’s Civilisation Drive, support great Arab minds and acknowledge their work and achievements, in service of humanity.
Mohammad Al Gergawi pointed out the importance of the Arab Reading Challenge initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, among many other development projects, serving more than 91 million beneficiaries.
A study conducted by KPMG, showed that ignorance costs the Arab world more than US$2 trillion. The Great Arab Minds initiative aims to change this reality and contribute to shaping a brighter future for Arab generations.
During an event organised in the Museum of the Future to announce the details of the initiative, Mohammad Al Gergawi witnessed the signing of four partnerships between “The Great Arab Minds” initiative and KPMG, LinkedIn, Meta, and Majarra.
The initiative’s mission is to search for exceptional talents among Arab scientists, thinkers, and innovators across key fields, aiming to identify, support and acknowledge leading thinkers in the region, amplify their impact and inspire future generations.
Over a 5-year period, “The Great Arab Minds” will reward scientists, thought leaders, scholars, and innovators across 6 categories: Natural Sciences (Physics and Chemistry), Medicine, Literature and Arts, Economics, Technology and Engineering, and Architecture & Design.
The initiative includes the “Mohammed bin Rashid Medal for Great Arab Minds”, which will be awarded to 6 winners of six categories each year.
The Great Arab Minds initiative aims to facilitate the recognition of Arab thought leaders, scholars, scientists, geniuses, and transforming their ideas to real-life breakthroughs and solutions. It also aims at empowering cluster of Arab scientists and thinkers and building a network of Arab thinkers, scientists, and exceptional talents in various fields to work as one team to drive the Arab world’s intellectual renaissance.
Saudi engineer Mishaal Ashemimry is the newly elected vice president of the International Astronautical Federation, becoming the first Saudi woman to hold the position after receiving 14 majority votes from international representatives.
Her role as one of the federation’s 12 vice presidents enables her to further the development of the space sector globally and consolidate the direction of the IAF.
As a Saudi woman and the first aerospace engineer in the Gulf Cooperation Council, her position strategically places the Kingdom at the forefront of the industry and highlights the country as a global leader in the field.
Since September 2021, Ashemimry has served as special advisor to the CEO of the Saudi Space Commission Mohammed Al-Tamimi, a position in which she consults on developing a national space strategy, creates and leads space programs, and advises leadership on direction and execution.
Ashemimry was previously a space nuclear technology consultant at the aerospace and defense company Northrop Grumman. She also conducted research funded by the NASA Marshall Space Flight Center during her time as a research assistant at the Florida Institute of Technology
At 26 years old, the engineer was also president and CEO of her own aerospace company, MISHAAL Aerospace, established in 2010.
The company developed space rockets, designed and launched its own line of cost-effective rockets titled the “M-rocket” series, completed static tests for hybrid rocket propulsion systems and provided global consultation.
In 2015, Ashemimry won the Inspirational Woman of the Year Award at the Arab Women Awards and in 2018 was awarded for her scientific achievements by King Salman.
She received her bachelor’s degree in applied mathematics and aerospace engineering in 2006 and her master’s degree in aerospace engineering in 2007, both from the Florida Institute of technology.
She is a certified Nitrox, rescue and open water diver, a commercial pilot and is trained in real space flight conditions of zero-gravity.
Ashemimry is an expert in aerodynamics, missile and rocket stage separation analysis, vehicle design, wind tunnel testing, simulations and analysis, and computational tool development.
Following the launch of Saudi Arabia’s Vision 2030 in 2016, the Kingdom is on its way to becoming the world’s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank.
The real estate firm projected that Riyadh’s population will reach 17 million by 2030, up from about 7.5 million today. The city has unveiled real estate projects worth $104 billion since the Kingdom’s National Transformation Plan launch in 2016.
“Vision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,” Faisal Durrani, partner and head of Middle East research, Knight Frank told Arab News.
Saudi Arabia will easily become the largest construction site in history, with planned construction projects in the Kingdom being over 555,000 residential units, over 275,000 hotel keys, over 4.3 million square meters of retail space, and over 6.1 million square meters of office space, Durrani said.
The consultancy firm is currently monitoring 15 giga-projects in the Kingdom, many of them new standalone supercities, said Harmen de Jong, partner and head of real estate, Strategy& Consulting in the Kingdom.
NEOM is expected to house 9 million residents across 300,000 new homes once completed, making it the largest giga-project announced to date, Jong added.
Among 1,000 Saudi households surveyed, Diriyah Gate came third in popularity as a place to own a home, behind NEOM and The Red Sea Project.
NEOM is radically redefining urban living in resource-poor regions, Durrani said. At the same time, sub-cities like the Octagon, Trojena and the Line will set new benchmarks for luxury living in the area.
Around 30 percent of Saudi homeowners are prepared to spend more than $800,000 on a second home at NEOM. “Developers have their work cut out to satisfy this pent-up demand,” Durrani added.
De Jong said that the construction progress of part of the projects stands at 29 percent, with only $7.5 billion of subprojects being commissioned.
Riyadh’s rebirth
Another head-turning giga-project is the $20 billion Diriyah Gate which will give Riyadh 20,000 homes when it is completed in 2027, creating a city-sized historic district.
Knight Frank estimated that about $2.3 billion had been spent on Diriyah Gate’s construction.
“Not to be outdone, Riyadh’s repositioning as a commercial nerve center of the Kingdom is well underway. And businesses from the world over are already clamoring to be at the center of the Middle East’s second and much-needed global hub,” Durrani said.
Durrani added that the planned development of 2.8 million square meters of world-class office space could not come at a better time with Grade A office occupancy levels hovering around 97 percent across the city.
According to Knight Frank, an international airport worth $147 billion is also set to open shortly. Nearly 74 percent of the $200 billion national infrastructure investment goes toward the new airport.
“The city is also attracting a huge number of internal migrants, and with readily available support to get on the housing ladder, house prices are rising rapidly and currently stand some 26 percent higher than this time last year,” he said.
Well-being hub
The Kingdom is also improving and providing world-class urban environments for its residents with the $500 million Riyadh Sports Boulevard and the $23 billion Green Riyadh, planting 7.5 million trees in the Saudi capital to transform it into a green, vibrant metropolis.
It also extends to the 19,000 hospital beds planned for $13.8 billion, of which $8.6 billion will be spent in Riyadh Province alone.
According to de Jong, over 80 new educational institutions are being constructed for $82 billion.
“What’s more, healthcare, education and well-being sit at the core of the transformative plans, which will contribute to an extraordinary evolution in the Kingdom’s physical realm, making it unrecognizable from what we see today by the end of the decade,” Durrani said.
The U.S. Senate today confirmed UC Merced Professor Asmeret Asefaw Berhe to be the new director of the Office of Science in the federal Department of Energy.
The Department of Energy’s Office of Science is the lead federal agency supporting fundamental scientific research for energy, and the nation’s largest supporter of basic research in the physical sciences.
President Joe Biden nominated Berhe last April. She is a renowned professor of soil biogeochemistry in the Department of Life and Environmental Sciences in the School of Natural Sciences; the Ted and Jan Falasco Chair in Earth Sciences and Geology ; and the interim associate dean for Graduate Education .
“It is an incredible honor for me to be nominated, and now confirmed by the U.S. Senate, to serve as President Biden’s director of the Office of Science at the Department of Energy,” Berhe said. “I thank the president and Secretary of Energy Jennifer Granholm, for trusting me to help lead the next chapter in the great scientific success story of the Office of Science.”
Berhe will serve in Washington, D.C., taking a leave of absence from campus. She will hold the director position for the duration of Biden’s term.
Her research is at the intersection of soil science, global change science and political ecology with an emphasis on how the soil system regulates the Earth’s climate and the dynamic two-way relationship between the natural environment and human communities.
“I hold the Office of Science and DOE National labs with highest regard as since the time I was a graduate student and until now, DOE funding and national labs have played important role in my own scientific training and research, and the training of my mentees. Further, as a soil and global change scientist who has studied and worked in public institutions of higher learning, I have always taken my responsibility to serve the public very seriously. I believe publicly funded science and technology is critical for pushing the frontiers of science forward and inspiring the next generation of scholars,” Berhe said. “I am excited to join the Department of Energy’s Office of Science to contribute to the Office’s mission of expanding human knowledge, driving discovery, and fostering innovation, technology development and economic progress.”
“This is fabulous news and so well deserved,” Interim Vice Chancellor for Research and Economic Development Marjorie Zatz said. “Professor Berhe is highly respected as a researcher and thought leader by her colleagues nationally and internationally, as well as by those of us at UC Merced. She will be a terrific director for the Office of Science and a strong voice for inclusive excellence within the scientific community and beyond.”
“The School of Natural Sciences is immensely proud of Professor Berhe’s appointment to this important and influential office,” Dean Betsy Dumont said. “She is an immensely talented scientist who will bring a holistic, innovative and practical perspective to the challenges of energy and climate change.”
“Professor Berhe is an international leader in environmental sciences and climate change research, and a champion for underrepresented people in STEM,” Professor Peggy O’Day said. “We are excited by her appointment and the impact she will have on the national agenda in addressing energy and climate issues.”
Berhe is widely recognized for her research, including having been an invited speaker at the TED conference in 2019, and for her advocacy for inclusion, anti-harassment and anti-bullying. She previously served as the chair of the U.S. National Committee on Soil Science at the National Academies; was a leadership board member for the Earth Science Women’s Network; and is a co-principal investigator in the ADVANCEGeo Partnership — a National Science Foundation funded effort to empower (geo)scientists to respond to and prevent harassment, discrimination, bullying and other exclusionary behaviors in research environments. She is a fellow of the American Geophysical Union and the Geological Society of America, and a member of the inaugural class of the U.S. National Academies New Voices in Science, Engineering and Medicine.
Berhe was born and raised in Asmara, Eritrea, and lives in Merced with her husband, Professor Teamrat A. Ghezzehei, and their two children. She earned a B.Sc. in soil and water conservation from the University of Asmara, an M.Sc. in political ecology from Michigan State University and a Ph.D. in biogeochemistry from UC Berkeley. In 2020, she was named a Great Immigrant, Great American by the Carnegie Corporation of New York.
Forbes Middle East has announced its annual list of the 100 Most Powerful CEOs in the Middle East for 2022.
The American magazine confirmed the status of businessman Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Holding Group, who ranked 61st, up 6 places from last year’s ranking.
Forbes Middle East magazine said that Hisham Talaat Moustafa is the youngest son of the founder of the Talaat Moustafa Group, which is currently the largest listed real estate company in Egypt.
The magazine stated that the assets of Talaat Moustafa Company amounted to 7.5 billion dollars in 2021, while the group owns a portfolio of land with an area of 74 million square meters.
The group’s revenues amounted to 825 million dollars last year, while the company developed more than 33 million square meters of land, and sold more than 90 thousand housing units.
Forbes reported that the Talaat Moustafa Group recently launched giant projects, including: Privado – Madinaty, Celia and Noor City.
The magazine said that the group has extensive investments in the hospitality sector, including: Four Seasons Resort Sharm El Sheikh, Four Seasons Nile Plaza, Four Seasons San Stefano Alexandria, and Kempinski Nile Cairo.
About the methodology used in the classification, Forbes indicated that its methodology in preparing the list was based on collecting information from financial market disclosures, industry reports, annual reports of companies, financial statements, and other primary sources.
As for the classification of CEOs, it is based on several factors: the influence of the CEO and the company on society and the country, the markets they supervise, the CEO’s experience in his current position, as well as his general experience.
Forbes indicated that the factors affecting the evaluation include: the size of the company in terms of revenues, assets, market value, the CEO’s achievements and performance in the past year, the innovations and initiatives he implemented.
This year, Forbes magazine’s list of the most powerful CEOs in the Middle East includes 100 business leaders from 26 different nationalities, led by the Emiratis with 19 CEOs, followed by the Egyptians with 16 leaders, and the Saudis with 15 business leaders.
The CEOs in the banking and financial services sector topped the list with 27 CEOs, followed by the leaders of the communications sector with 8 heads, and then 7 leaders in each of the energy and logistics sector.
The companies on the list run by CEOs are worth more than 5 trillion dollars, while revenue was more than 1 trillion dollar last year.
source/content: egypttoday.com (headline edited)
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Among the most powerful CEOs of 2022 Forbes highlights the CEO of Talaat Moustafa Group
