Forbes Middle East has named Bader Nasser Al-Kharafi, C.E.O. of Zain Group, as one of the top 100 CEOs in the Middle East in 2022.
Al-Kharafi ranks 35th alongside many other Kuwait-based executive leaders.
Zain Group is a telecommunication company based in Kuwait, with Al-Kharafi as their C.E.O. and Vice-Chairman. The company has a market value of $9.2 billion with $5 billion in sales, $659 million in profits and $15.7 billion in assets. The Zain Group operates in seven countries in Africa and the Middle East delivering services to over 50.9 million active customers as of March 31, 2022.
According to their website, the Zain Group is a pioneer of mobile telecommunications in the Middle East. The company started in 1983 as the region’s first mobile operator in Kuwait. Since 2003 with the introduction of its expansion strategy, they have advanced significantly in providing mobile voice and data services.
“Although we are focused on our core services, today we must recognize that Zain has not identified itself as being limited as a telecoms company, but rather a digital service provider. One that enhances all areas of its clients’ lives, adapting them to the ever-changing interconnectivity and digital lifestyle era. Our clients come first; identifying their needs and wants is the driving force that pulls us towards our eagerness to deliver”, shared Bader Nasser Al-Kharafi, C.E.O. of Zain Group.
Al-Kharafi was appointed Vice-Chairman of the Zain Group in 2014 and C.E.O. in 2017. In addition, he is also the chairman of the Board for the Executive Committee of Boursa Kuwait. Apart from this, he serves as a member of the Board of United Nations High Commissioner for Refugees (U.N.H.C.R.).
Forbes Middle East acknowledged that the C.E.O.s are responsible for the success and failure of the company they lead. Thus, Al-Kharafi was named as one of those exemplary individuals showing a business structure in the Middle East where corporate governance has been improving in the last few years. Forbes Magazine also stated a very distinct separation between management and ownership in companies operating in the Middle East. This year, CEOs focus on a reversal in fortunes with record profits, new investments, extensive initial public offerings, and mega deals.
“This trend [management and ownership] is particularly strong in government-owned businesses, with even sectors such as defence and utilities now being incorporated and even being listed on stock exchanges. This has made C.E.O.s focus more on long-term benefits that stem from innovation, technology, and E.S.G. (environmental, social and governance) initiatives”, stated Forbes Magazine.
2022 top 100 CEOs in the Middle East were ranked on the impact they had on the region and market they operate in; their country; the contributions they have made during their current role, the correlation between the size of the company and revenue, assets and market cap, the progress they’ve made since 2021 and their innovations and initiatives.
Forbes Middle East uses data from stock market disclosures, annual and industry reports, financial statements, and questionnaires to determine the rankings for the top 100 CEOs in the Middle East.