Argaam names top CEOs of 2024 in finance, tech, health and more
The summit sessions addressed a range of vital topics of interest to investors in the financial markets, including macroeconomics, global challenges, prospects for developing the Nomu Parallel Market, incentives for attracting companies to list in the financial market, as well as digital transformation and innovation in financial markets.
One of the summit's highlights was the launch of the first edition of the Argaam Award for Best CEOs of 2024, aimed at highlighting leaders who have made a real difference in their companies.
This award reflects Argaam Financial Portal's commitment to supporting transparency, governance, and institutional excellence. Its criteria were developed based on a precise methodology that includes the company's financial and operational performance, the direct impact of the CEO, and the level of disclosure and transparency.
Notably, the Best CEO Award was presented in a grand ceremony for each sector based on several criteria, such as the CEO's tenure, which must be no less than two years, and the company's growth rates compared to the previous year in key indicators like net profits, shareholders' equity, revenues, assets, margin improvements, return on equity, and return on assets, while considering sector-specific financial indicators.
Additionally, the company's level of disclosure and transparency was evaluated, including the presence of transparent governance, adherence to accounting standards, and an active investor relations department.
Banking sector
Waleed Abdullah Al-Muqbil, CEO of Al Rajhi Bank since 2020, has over 24 years of experience in the banking sector.
Under his leadership, the bank maintained its market share despite challenges from rising interest rates and recorded significant growth in deposits, financing, and assets.
In 2024, it surpassed its closest competitor, the National Commercial Bank — which merged with Samba Bank — becoming the leader among Saudi banks in customer deposits and financing. The bank also achieved its highest quarterly profits in history and set record levels across various financial indicators.
Telecommunications sector
Aliyan bin Mohammed Al-Watied, CEO of STC Group since 2020, has over 20 years of experience in the telecommunications sector.
Under his leadership, the company expanded into new areas such as the Internet of Things, fintech, and data centers, contributing to revenue growth and increased market share in 2024.
The 'Tajra2 2' strategy was adopted to enhance its role as a key enabler of digital transformation, alongside implementing a program to improve operational efficiency.
Financially, the company maintained revenue growth, achieved an increase in operating profits compared to the previous year, and continued to grow shareholders' equity while maintaining its market share.
It also announced future dividends for the next three years, reflecting the management's commitment to implementing its long-term strategy to investors.
Healthcare sector
Ahmed bin Saleh Baabir, CEO of Dallah Healthcare, holds a Ph.D. in Agricultural Engineering from Iowa State University, US.
Under his leadership, Dallah Healthcare actively acquired several hospitals, increasing the number of hospitals and beds, thereby enhancing its market share in the healthcare sector.
Financially, the company continued to achieve revenue growth, recorded an increase in operating profits compared to the previous year, and maintained its position in the market.
Insurance sector
Tal Hisham Nazer, CEO of Bupa Arabia since 2011, holds an MBA from the Wharton School, University of Pennsylvania, 2001.
Under his leadership, Bupa strengthened its position as a leader in the health insurance sector in the Kingdom, capturing a 26 percent market share in the insurance sector and 45 percent in the health insurance sector, maintaining this share despite significant market competition.
Financially, the company recorded its highest insurance revenues in 2024, supported by an increase in total written premiums, and achieved its highest profits, positively impacting shareholders' equity, which reached record levels.
Transportation sector
Fawaz Abdullah Ahmed Danish, CEO of Budget, holds a Bachelor's degree in Law from King Abdulaziz University, 1993.
Under his leadership, Budget maintained its market share by expanding its fleet and opening new showrooms, in addition to executing strategic acquisitions of companies like Al Alamiah Cars and Overseas Development, increasing the fleet size to over 53,000 vehicles in 2024 compared to 35,000 in 2023.
Financially, the company experienced a historic surge in revenues and profits driven by these acquisitions, with shareholders' equity rising by approximately 45 percent compared to the previous year, reaching unprecedented levels.
Agriculture sector
Mazin Abdullah Ba Dawood, CEO of Al-Jouf Agricultural, holds a Bachelor's degree in Chemical Engineering from King Abdulaziz University, 1993.
Under his leadership, the company enhanced its position as an industrial agricultural company by expanding its share in the olive oil market and opening a potato chip production plant in 2024, contributing to increased revenues.
Financially, the company achieved historic revenues in 2024, with profits and shareholders' equity reaching their highest levels in nearly a decade, driven by a strategic transformation plan toward an integrated model combining agriculture and industry.
Retail sector
Mohammed Jalal Ali Fahmy, CEO of Extra Stores, holds a Bachelor's degree in Accounting from Ain Shams University, 1985.
Under his leadership, Extra Stores achieved its highest revenue and profit levels in 2024 since its establishment, supported by growth in the retail sector and expansion in consumer financing through 'Taseel,' while maintaining market share and increasing the number of branches to 55 in three countries.
The company also embraced digital transformation and enhanced its e-commerce, with shareholders' equity reaching its highest levels following the partial listing of its stake in United Electronics Co.
Oil and gas sector
Mohammed Farouk Abdulmajid Abdulkhaleq, CEO of Addes, holds a Ph.D. in Systems and Control Engineering from Case Western Reserve University, Ohio, US.
Under his leadership, Addes faced challenges last year due to the suspension of some rigs in Saudi Arabia but successfully redistributed these rigs to new markets such as Qatar, Thailand, and Egypt, enhancing its financial performance and reducing dependence on a single market through geographic diversification.
Real estate sector
Abdullah bin Faisal Al-Braikan, CEO of Retal Urban Development, holds a Bachelor's degree in Architecture from King Faisal University in Dammam, class of 2006.
Under his leadership, Retal achieved a record-breaking project volume in 2024 and reported its highest revenues since inception.
This growth was driven by exceptional development contracts, resulting in unprecedented gross and net profits, in addition to the highest number of units sold in the company's history.
Information technology sector
Omar Abdullah Al-Naamani, CEO of Solutions by STC, holds a Bachelor's degree in Computer Engineering from King Saud University, 1994.
Under his leadership, Solutions strengthened its position in the IT sector in Saudi Arabia, capturing a market share of 22.7 percent, thanks to a series of strategic acquisitions and alliances over the past years.
The company has continued its growth trajectory since the COVID-19 pandemic, and by the end of 2024, it recorded its highest-ever revenue and profit levels, driven by an increase in cumulative contract value.
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