Technology dominates Forbes Middle East ranking

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With 18 executives, technology sector dominates the list of ‘Top 100 regional heads of the most successful multi-national organisations’, Forbes Middle East announced at the ‘Global Meets Local 2016’ event. Banking sector with 16 executives and auto parts industry with 11 executives coming in second and third position respectively.

In the Middle East, the top 100 global organisations were shortlisted from the Forbes Global 2000 list – multi-national conglomerates are ranked annually by profits, market value, assets and revenues in the list. By taking help from Global 2000 list, title and work experience, executives were ranked by Forbes Middle East.

This is the fourth consecutive year when Forbes Middle East unveiled its list for top 100 regional heads. Global Meets Local 2016 event was attended by executive management of conglomerates and senior business leaders from various work sectors, including banking, technology, automobiles and finance.

Forbes Middle East

European and American-based companies lead the list with a total of 57 companies, 46 American companies and 11 European companies. The UAE has become a global hub for international companies and trade as more than 90 of the shortlisted companies have their Middle East regional headquarters in the UAE.

Although leaders of the shortlisted companies belong from all parts of the globe, the list is dominated by Asian and European leaders.

In the event, it was mentioned that companies that adopt as per the changing circumstances and capitalise on opportunities in challenging economic times would be able to prosper in the long run.

Global economy

As a consequence of global economic circumstances and oil prices dropping below the $30 mark, various multinational organisations have faced adversity. Although competition in the insurance sector has increased, its growth rate has decreased vividly. Other sectors which have been affected the most are automobile industries, pharmaceutical sector and retail banking.

If the current economic conditions prevail, the chances are that businesses will see a further drop in their sales, which is why several companies are changing their core strategies. The UAE has a diversified economy and shows ample growth potential, making it attractive for businesses and multi-national companies.

On the other hand, automotive and retail banking sectors have witnessed a drop in their sales, on the contrary, banks have benefited from Gulf countries issuing bonds and constructions giants have been able to win huge contracts in the Middle East.

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