Business Leaders Inspiring the U.A.E

His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, announced earlier this year that 2015 was to be the Year of Innovation. Inspired by this,

Forbes Middle East has for the first time unveiled two new rankings focused specifically on Emiratis and U.A.E-based enterprises that are pushing the boundaries of the business world in the Middle East.

These new yet already influential trailblazers are using their vision and talent to revolutionize their industries, bringing with them modernization and growth, and making this region one of the most innovative in the world.

We determined the Most Promising U.A.E-based Startups by gathering over 80 early stage startups – none more than five years-old – and then narrowing down the list to 25 based on the: amount of money raised; investor perception; executive team; market reach; website ranking; and number of employees.

We determined the Up and Coming Entrepreneurs in the U.A.E. by sending out more than 300 questionnaires to Emirati entrepreneurs and then narrowing down the list to 50 based on: 2014 revenue and the growth rate; number of locations where the company has a presence; number of employees; date of establishment (with a 2005 cut off); brand recognition; and innovation.

Of the 50 up and coming entrepreneurs, food and beverage was the top sector with 12 rankings. The retail and technology sectors were a joint second with 7 rankings each, and the services sector was third with 6. The rest were in a range of sectors including industry, media & advertising, architecture, energy, entertainment and fashion.

The popular event was a rousing success. Abdul Baset Al Janahi, CEO of Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the SME sector was in attendance to hand out the awards and recognize the achievements of the gathered leaders. Al Janahi has been contributing significantly to developing and maintaining an entrepreneurial ecosystem in Dubai and mobilizing government and private sector support to help young and aspiring entrepreneurs in the United Arab Emirates.

He stated, “Dubai SME is proud to be part of the initiative from Forbes Middle East to recognize entrepreneurial excellence as it complements our efforts to nurture the UAE’s entrepreneurial culture into a strategic enabler of economic development, as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. Dubai SME has supported more than 17,500 entrepreneurs and facilitated the launch of over 2,800 SMEs since its inception in 2002, helping aspiring Emiratis realize their dreams and cementing Dubai’s reputation as a hub to launch and grow innovative and smart business concepts.”

Mohammed Al Hammadi, Executive Director of Publishing and Editor-in-Chief of Al Ittihad, was also on hand to help distribute the trophies and, as well as delivering the keynote speech, was recognized himself for his continued support of entrepreneurs in the United Arab Emirates. Among many other accolades, Mohammed is a founding member of the ‘Young Arab Leaders’ organization.

Mr. Al Hammadi said, “The U.A.E. government is sparing no effort in supporting entrepreneurship in accordance with the insightful vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, may God protect him, which makes the UAE a distinctive interface for attracting investments and a business hub in the Gulf and the Middle East region.

The exclusive gala was also attended by some the most inspirational and successful leaders in the U.A.E.

Prominent entrepreneurs present included: Jassim Albastaki from Envelope Investment LLC; Khalid & Abdulrahman Basaeed from Feathers UAE; Hashem Al Marzouqi from Al Fanar Restaurant and Café; Hatem Saeed Al Amoudi from ESGI (Energy Solutions Group International) and Rashid Al Shamsi from ixtel technologies.

It is thanks to the creativity and determination of everyone on our rankings that the United Arab Emirates is at the forefront of innovation. It is their enterprise bringing new technologies and trends to the market, and their stories that are inspiring the next generation of leaders to think about what they can achieve in the future.

Key partners participated with Forbes Middle East in the event, supporting the outstanding initiative of recognizing Emirati business leaders and their innovative contributions to the region’s success. These partners included: Islamic banking partners Dubai Islamic Bank, Rasasi Perfumes, leading fragrance company in the Middle East, regional travel and tourism leader Al Tayyar Travel Group, official media partner Al Ittihad, travel and tourism companies, Elegant Resorts and Elite Executive Services Company (EES), exclusive radio partner Al Oula Radio 107.4 and exclusive television partner Dubai One.

Mrs. Khuloud Al Omian, Editor-in-Chief, Forbes Middle East, said: “We at Forbes are incredibly proud of our tradition of honoring the most successful business leaders, paying tribute to the people that have reached the top of their game, reinvented the rules and brought about innovation in their industries. We want to shine a light on the local startups and entrepreneurs that are shaking things up and inspiring growth and diversification. Every single one of the people on our lists has proven that they have the guts, the determination and the passion to excel at what they do, and by carrying out their business in the United Arab Emirates. they are bringing excellence to the whole region.”