Saudi firms top TRENDS CEO 2012 List
- Saudi Arabia: Sunday, December 09 - 2012 at 11:58
- PRESS RELEASE
The sheer size of Saudi Arabia's economy, ease of doing business, increased purchasing power and its active construction industry have propelled the ranks of Saudi companies and their leaders on TRENDS' Top 50 CEO List this year.
New entries and a rise through the top CEO ranks of Saudi cement companies is a testament to the vibrancy of the property and construction sectors in the Kingdom. The increased purchasing power of Saudis has also added to the fortunes of retail groups such as Fawaz AlHokair.
Out of 16 new entries in 2012's List, 13 companies are from Saudi Arabia, and the top five companies are also from the Kingdom.
TRENDS, one of the leading international English magazines on Arab affairs in the Middle East, started ranking the top Chief Executive Officers in the GCC countries last year.
In 2011's TRENDS Top 50 CEOs list, banks and insurance companies were in the majority, while 2012's list is dominated by retail, telecom and construction companies.
The methodology adopted in finalizing the rankings is transparent and simple. Trends rates performance of the CEOs through the financial statements posted by the publicly listed companies from time to time.
Co-Chief Executive Officer of Mediaquest Group, Julien Hawari, said, "TRENDS method of ranking the CEOs and businesses is simple, authentic and transparent. Our team compared growth figures of companies listed on DFM, ADX and Tadawul in 2010, 2011 and 2012 [until Q3], and closely examined profitability, share prices, size and reputation of the company in the market. We allotted points to each company according to the results posted by them on respective stock exchanges."
"One of the interesting aspects of the methodology is the turnaround factor, but in 2012 no company earned points on that count," said Mr Hawari.
Speaking with TRENDS on the role of CEOs, vice-chairman and CEO of Saudi Basic Industries Corporation, Mr Mohamed Al Mady, said, "Our most important job is to meet our customers' expectations; this is why we build long-term partnerships with those we serve, so that we can better understand their needs."
Offering advice to younger business leaders, Mr Al Mady said, "Success can be achieved through ambitious strategy, innovation, best research and technology programmes, investment in partnerships and outstanding supply chain management. "These are all important ingredients in any successful growth story."
The 2012 power list of the Top 50 CEOs will help business managers and readers understand the changing dynamics of business in the region.
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