Top industry leaders and visionaries were honored at the recently held Economy Middle East Summit at Abu Dhabi Global Market on May 1.
Encompassing sectors such as economy, technology, finance, fintech, telecom and education, the plaques of recognition recognised the pioneering work done by the companies and organisations in their respective fields.
A key criterion for the honorees was not just business achievement, but also the impact these organisations have had on the economy, the consumers, and the environment.
Read: Economy Middle East Summit 2024 highlights growth prospects in the MENA region
As the UAE and the wider GCC region push ahead with economic diversification, it has become important to honor partners leading this change in the face of new global realities.
The honors are as follows:
Fastest Growing Economy: Abu Dhabi Department of Economic Development
Abu Dhabi Department of Economic Development (ADDED) has been instrumental in leading the emirate’s economy through global market fluctuations, with special focus on boosting the non-oil sector.
In 2023, Abu Dhabi’s economy has not only weathered global uncertainties but also flourished, setting an unprecedented decade-high GDP of AED1.14 trillion.
The economy’s boom is particularly notable in the non-oil sector, which surged by 9.1 percent, alongside an overall real GDP growth of 3.1 percent.
This economic triumph is also mirrored in the burgeoning private sector, which has expanded by an astonishing 35 percent over the past eight years, and is now valued at AED339 billion.
Pioneer in Emerging Industries & Technologies: Abu Dhabi Investment Office
The Abu Dhabi Investment Office, with its unparalleled portfolio of investments, has been quietly identifying and supporting companies and technologies in emerging industries, with an aim to drive the country’s growth forward in the coming decades.
Under its guidance, Abu Dhabi has consistently emerged as a top city for doing business in the MENA region.
ADIO has also recently launched the Smart and Autonomous Vehicle Industry (SAVI) in partnership with the Abu Dhabi Department of Economic Development, a hub for smart mobility in the MENA region.
Fastest Growing International Financial Centre: ADGM
Abu Dhabi Global Market has emerged as the region’s fastest-growing international financial centre for two consecutive years in 2023, with assets under management growing by 35 percent.
ADGM is home to some of the world’s top global names such as Goldman Sachs, Blackstone, SBI Capital, Apollo, and many others.
As of 2023, the centre had 1,825 operational entities, a 32 percent jump from 2022.
Leading Fintech Excellence: Visa
As a worldwide leader in digital payments, Visa has constructed one of the most innovative, convenient, reliable and secure payment networks globally, with their main purpose being uplifting everyone, everywhere by offering the best payment and receiving solutions.
Visa’s steadfast commitment to fostering an inclusive global economy, and its firm belief in access, is a fundamental element for the future of money movement.
High Growth Trade Network: Standard Chartered Bank
Standard Chartered, a super-connector international bank, has been unlocking growth opportunities across trade corridors in Asia, Africa and the Middle-East. This has significantly powered the advancement of emerging nations.
Standard Chartered also plans to grow trade and working capital income by 6-8 percent between 2024 and 2026, which will further support economies and companies on its network.
Fastest-Growing Technology Group: e&
Evolving from a telecom company to one of the leading technology groups globally, e& reported a record consolidated net profit of AED10.3 billion for the fiscal year 2023, a growth of 3 percent year-on-year, while consolidated revenue for the year stood at AED 53.8 billion, up 8.3 percent year-on-year.
Founded in Abu Dhabi over 47 years ago, the group has a rich legacy as the pioneer in telecommunications in the UAE but has its footprint across Middle East, Asia and Africa. Innovation is ingrained in e&’s DNA with cutting-edge digital solutions in entertainment, fintech and lifestyle becoming the fastest-growing offerings in their respective sectors.
Telecom & Digital Service Provider of the Year: Saudi Telecom Company (stc)
With a net profit of SAR13.3 billion and revenue of SAR72.3 billion in 2023, stc has shown remarkable resilience in the face of weak global economic sentiment.
With its ground-breaking transformation initiatives, stc has emerged the champions of digital inclusion and has constantly been recognised among the most valuable brands in the region.
The group has over 35 million mobile and fixed line subscribers across Saudi Arabia, Kuwait and Bahrain.
Education Technology Excellence: Alef Education
With over a million students and 14,000 schools utilising their digital learning platforms, Alef Education is a pioneer in transforming the education sector, improving learning with the help of AI-powered tools, backed by pedagogical frameworks rooted in data science.
Leading Trading Platform: Exness
With millions of app downloads across operating systems, a variety of trading accounts for all types of investors, plus live tracking across all markets, whether stocks, crypto or forex, Exness has become the go-to platform for all walks of investors.
As of March 2024, the business had a trading volume of nearly $4 trillion, and boasted nearly 840,000 active clients.
Sustainable leadership in Luxury Automotive: Porsche
Porsche is one of the few brands that comes to mind when it comes to putting sustainability and luxury in the same sentence. However, the company has set itself ambitious targets. By 2030, more than 80 percent of the vehicles it produces will be electric. Not only that, at its vehicle production sites, the group is pursuing its long-term vision of a Zero Impact Factory — vehicle production with a minimal negative environmental impact. The group also has a sustainability strategy … ‘Partner to Society’, in which it supports corporate citizenship projects.
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