Gulf Business’ definitive ranking of the Top 100 Most Powerful Arabs in the world is here — and 2025 marks a major milestone.

This isn’t just a regional snapshot. These are the Arab leaders reshaping industries, steering policy, and driving global impact. Our annual list is the result of rigorous research, heated editorial debate, and careful consideration.

This year, we welcome a brand-new number one.

A quiet force with extraordinary reach, he tends to avoid the spotlight — but his influence is impossible to miss. He oversees more than $1.4tn in assets across sovereign wealth funds, banking powerhouses, and AI-led ventures. From cutting-edge tech alliances and crypto strategies to a central role in the global race for artificial intelligence, his impact extends far beyond the UAE.

Curious? Explore our new number one and more below.

This year’s edition also welcomes six new entrants, alongside 21 women power listers whose work continues to inspire and challenge norms across sectors.

As always, our methodology considers four key factors: financial capital, human capital, expansion plans, and personal fame.

These are the names driving transformation. Meet the power players of 2025.

Gulf countries have less reason to panic over the impact of US President Donald Trump’s new tariffs, says Karim Awad, group CEO of financial institution EFG Holding.

Speaking to Gulf Business at the 19th EFG Hermes One-on-One Investor Conference in Dubai, Awad said investor sentiment had been shaken by rising uncertainty.

Global markets reacted sharply on Monday to Trump’s newly announced reciprocal tariff regime, with Hong Kong’s Hang Seng posting its worst fall since 1997 and more than $6tn wiped off US markets over the past three trading days. In the GCC, Saudi Arabia’s Tadawul dropped 7 per cent on Sunday: its steepest decline in five years.

Trump’s “universal baseline tariff” initiates a flat 10 per cent import tax on all goods entering the US, with steeper rates for select countries such as China, where tariffs have been set at 34 per cent.

“The thing that investors like the least is uncertainty,” said Awad.

“It is not only that the tariff regime is tough. It is also that no one is really sure where it will stop. And whether this has ended or whether it will escalate, whether it will de-escalate, no one is really 100 per cent sure.”

By contrast, GCC countries are currently facing only the baseline 10 per cent tariff, a fact Awad believes is being overlooked.

“Having said that, I am not sure that the impact on the Gulf markets, with the exception of course of the movement in oil prices, warrants all that amount of panic, especially that the amount of tariffs that has been slapped on the Arab world is not, to be honest, that big,” he added.

“Naturally there is worry about oil prices and the impact on oil prices, which is a legitimate worry. At the end of the day, it takes time for people to digest, it takes time for companies to adjust to the impact of these changes. And we’ll see where it goes from here.”

Awad also commented on the outlook for Egypt, where EFG Holding is headquartered, noting that the recent float of the pound had helped restore investor confidence.

“The one positive that I saw yesterday, and that I’m actually quite impressed about, is that it was a clear example that the currency regime in Egypt is flexible and that it moves,” he said.

“There is very little intervention from the Central Bank of Egypt, if any. And this should give investors also a lot of confidence that the country is moving in the right direction.”

EFG Holding remains upbeat

Despite the market ructions, EFG Holding remains optimistic.

Founded more than 40 years ago, the group is a financial powerhouse with operations in seven countries across MENA. Its investment banking arm, EFG Hermes, is widely regarded as the region’s leading player, offering services across advisory, asset management, brokerage, research, and private equity.

In 2024, the group posted record revenues of around $545m, up 66 per cent year-on-year. Net profit after tax and minority interest surged 71 per cent to $105.3m. Total assets reached EGP186.9bn by year-end. The firm has also topped equity capital markets (ECM) league tables in the region.

EFG Hermes is working on seven initial public offerings (IPOs) across the GCC in 2025 worth up to $10bn, including five in Saudi Arabia, according to Mostafa Gad, global head of investment banking at EFG Hermes. The firm is also advising on around 10 M&A deals worth between $6bn and $8bn this year, he told Asharq News.

Heading into 2025, the IPO pipeline remains “extremely healthy”, Awad said, with strong demand expected from global investors seeking exposure to one of the world’s most dynamic regions.

Dubai plays host to EFG Hermes’ flagship investor event

This week, EFG Hermes is hosting its flagship One-on-One Investor Conference in Dubai, now in its 19th edition. The event, widely seen as one of MENA’s most influential investment gatherings, is being held at the JW Marriott Hotel Marina and brings together 220 companies from 12 countries and 675 institutional investors from 252 global firms.

“We are delighted to welcome all our conference participants and invite them to enjoy the vibrant exchange of ideas and engage in the thought-provoking discussions in our interactive meeting spaces,” Awad said.

Hedge funds tracked by Morgan Stanley globally posted growing losses as markets tumbled last week after US President Donald Trump’s announcement of sweeping tariffs, turning year-to-date performance to a 3 per cent decline and driving down their net leverage.

Trump launched a historic trade war on Wednesday, and China retaliated with 34 per cent reciprocal tariffs on US imports on Friday, stoking fears of a global recession and sparking the worst two trading days for stocks since the pandemic in 2020.

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The S&P 500 and FTSE plunged over 10 per cent and 6 per cent respectively after Trump’s announcement. Commodities also tumbled broadly, with oil prices hitting their lowest in four years as of Monday.

Hedge funds had already accelerated their unwinding of positions and sought safety ahead of the tariff announcement, and export-driven Asian markets were at the forefront of the sell-off.

Morgan Stanley estimates US long-short funds net leverage quickly fell to 37 per cent, “just shy of historical lows,” by the end of Friday, from over 50 per cent at the beginning of the year.

A separate note by JP Morgan also said net leverage of hedge funds dropped to around the lowest since late 2023.

Net leverage measures the difference between a fund’s long and short positions against the value of what it owns including borrowings. The lower the net leverage, the more conservative a hedge fund’s position is.

Investors expect significant volatility on risk assets in the near term given the tariff uncertainties and suggest a continued risk-off stance.

“This global selloff has so far been too orderly, so probably more to go,” said Eddie Tam, chief investment officer of Central Asset Investments, a Hong Kong-based hedge fund.

Hong Kong’s Hang Seng Index had its heaviest slide on Monday since 1997.

The Ministry of Hajj and Umrah in Saudi Arabia has set the deadline of April 29 (Dhul Qada 1) for foreign Umrah pilgrims to leave the kingdom in preparation for the annual Hajj season.

According to a report by the Saudi Gazette, the ministry also announced that April 13 (Shawwal 15) is the final date for pilgrims to enter Saudi Arabia to perform Umrah.

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The ministry emphasized that failure to adhere to these dates may result in consequences for both individuals and Umrah service providers, including companies and establishments, who must comply with regulations regarding the departure of pilgrims within the specified timeframe.

The ministry issued a warning, stating that any delays beyond the specified date will be considered a violation. Furthermore, failure by companies and establishments to report overstaying pilgrims may lead to fines of up to SR100,000, in addition to legal action.

Abu Dhabi Customs reported a 9 per cent rise in the emirate’s non-oil foreign trade in 2024, reaching Dhs306bn, up from Dhs281.9bn in 2023, underlining the strength of the emirate’s economy and its expanding global trade ties.

Non-oil exports surged 16 per cent year-on-year to Dhs107.8bn in 2024, compared to Dhs93bn in the previous year.

Re-exports increased by 11 per cent to over Dhs58bn, up from Dhs52.4bn, while imports rose 3 per cent to Dhs140.2bn, compared with Dhs 136.4bn in 2023.

Abu Dhabi Customs attributed the growth to the emirate’s business-friendly ecosystem, proactive policies, and initiatives designed to streamline trade, reduce costs, and integrate government services more effectively.

Customs declarations in 2024 rose by 3 per cent from the previous year.

Transactions conducted through digital platforms grew by 17 per cent, while proactive and automated transactions recorded a 31 per cent increase, accounting for a substantial share of overall customs activity.

Rashed Lahej Al Mansoori, director general of Abu Dhabi Customs, said the continued growth in non-oil foreign trade demonstrates the emirate’s rising stature as a global business and trade hub.

Rising non-0il foreign trade marks Abu Dhabi as key trade hub

“Abu Dhabi continues to achieve significant growth in non-oil foreign trade, reinforcing the emirate’s status as a rising economic powerhouse and a global hub for business, trade and investment,” Al Mansoori said.

He reaffirmed Abu Dhabi Customs’ commitment to supporting the emirate’s economic goals through enhanced customs efficiency, cutting-edge technologies, and strong collaboration with strategic partners. “These efforts strengthen the national economy and support the UAE’s sustainable development journey,” he added.

Abdulla Gharib Al Qemzi, director general of the Statistics Centre – Abu Dhabi, highlighted the critical role played by trade data in shaping policy decisions. “By leveraging accurate and reliable trade data, we enable decision-makers to develop policies that support sustainable economic growth and align with the emirate’s long-term vision.”

Al Qemzi noted that emirate’s non-oil economy grew by 6.2 per cent in 2024, reflecting its adaptability amid global challenges and reinforcing its status as a dynamic economic hub.