The Most Impactful Business Leaders in the Middle East 2024 (1)

Business
Leaders
Middle East
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Editor’s Note

Celebra ng Visionary Leadership
in the Middle East
As we unveil the latest issue of The Tycoon, we are
thrilled to spotlight "The Most Impac ul Business
Leaders in the Middle East 2024." This edi on
celebrates those who have not only demonstrated
remarkable business acumen but have also pioneered
innova ons that are reshaping the region's economic
landscape. Our cover story features an extraordinary leader
whose vision and determina on have made a profound
impact: Abdulbaset Alsharafi, Co-Founder and CEO of
WeCash and Jawali E-Wallet.
In an era where digital transforma on is paramount,
Abdulbaset Alsharafi stands out as a beacon of innova on
and leadership. His ventures, WeCash and Jawali E-Wallet,
are revolu onizing the financial technology sector in the
Middle East, offering accessible, secure, and efficient digital
payment solu ons to millions. Under his leadership, these
pla orms have not only enhanced financial inclusivity but
have also set new standards for customer-centric financial
services.
Abdulbaset's journey is a testament to the power of
visionary thinking and relentless perseverance. With a keen
eye on the future, he iden fied the need for a robust
digital financial ecosystem long before it became a
buzzword. His foresight in recognizing the poten al of
digital wallets in a predominantly cash-based economy has
posi oned WeCash and Jawali E-Wallet as leaders in the
fintech revolu on.
inclusion, he has launched numerous ini a ves aimed at
educa ng and empowering underbanked communi es. His
efforts have not only democra zed access to financial
services but have also paved the way for economic
empowerment and social upli ment across the region.
In this issue, we delve into the stories of other
transforma ve leaders who, like Abdulbaset, are driving
change and crea ng las ng impacts in their respec ve
fields. From technology and healthcare to real estate and
renewable energy, these leaders exemplify the innova on
and dynamism that define the Middle East's burgeoning
business landscape.
As you explore the pages of this special edi on, we hope
you find inspira on in the journeys and achievements of
these remarkable individuals. Their stories serve as a
powerful reminder that visionary leadership, combined
with a commitment to excellence and social responsibility,
can indeed change the world.
We are honored to celebrate Abdulbaset Alsharafi and all
the excep onal leaders featured in this issue. Their
contribu ons not only highlight the incredible poten al of
the Middle East but also inspire us to envision a future
where innova on, inclusivity, and sustainability drive
progress.
Beyond business success, Abdulbaset's story is one of
inspiring leadership. He has fostered a culture of
innova on within his teams, encouraging crea vity and
adaptability in a rapidly changing market. His commitment
to empowering his employees and nurturing local talent
has been instrumental in building resilient, forwardthinking
organiza ons that are capable of driving sustained
growth.
Moreover, Abdulbaset's impact extends beyond his
companies. As an advocate for financial literacy and
Kevin Williams
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Affordable financial services are pivotal for ensuring
financial inclusion and stability in communities
world-wide. These services cater to individuals and
businesses with access to essential financial tools such as
savings accounts, loans, and insurance, regardless of their
economic status. By making finance accessible and
affordable, people can better manage their finances, invest
in education and healthcare, and start or expand businesses.
Sharing these sentiments, Abdulbaset Alsharafi (Co-
Founder and CEO) made the decision to establish
WeCash, to empower individuals and stimulate economic
growth. Today, he stands out as the most impactful business
leader in his domain. His strategic acumen, coupled with a
visionary approach, has propelled him to the forefront of
the industry.
Abdulbaset started his career in 2000 as a computer
programmer, consistently delivering strong results. In 2004,
he moved into a managerial role within the same
organization, holding that position until 2009. After that, the
most impactful business leader became the Chief
Technology Officer (CTO) at a top IT company, focusing on
advancements in information technology until 2014. Later,
he shifted to senior management in a company specializing
in electronic payments and cards, gaining extensive
experience in the payments industry and broader financial
banking sector.
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The Rise of WeCash and Jawali E-Wallet in Yemen's Financial
Landscape
Yemen has a low rate of financial inclusion. Statistics from 2020 show
that less than 20% of its population, which exceeds 30 million people,
doesn't have access to banking services. This is mainly because many
people in Yemen don't have enough knowledge about finance, and the
country faces ongoing political and economic challenges.
To address this important issue, WeCash was founded in 2021 as a
financial company and electronic payment service provider. It is
committed to promoting financial inclusion by offering innovative,
easy-to-use, and affordable financial solutions designed to meet the
diverse needs of individuals and businesses.
In June 2022, WeCash launched its main service, Jawali electronic
wallet, despite stiff competition in Yemen's banking sector for
electronic financial services. Jawali was founded with a vision to
revolutionize Yemen's financial and banking sector through innovative
FinTech solutions. Its distinct business model and unwavering
dedication to excellence have led to tangible transformations within
the industry in just two years. It is the first e-wallet to introduce a
unique and innovative business model, demonstrably impacting the
financial and banking landscape in Yemen.
Under the wise leadership of Abdulbaset, WeCash aims to lead
Yemen's journey towards financial inclusion by expanding its services
strategically and introducing groundbreaking financial solutions that
meet the changing needs of all parts of society.
Overcoming Obstacles and Revolutionizing Finance
When building Jawali, Abdulbaset faced some tough challenges.
Problems like poor infrastructure, lots of competition, not many people
knowing much about money, people trusting banks less, and no clear
plan to include everyone in finance were all big hurdles for him.
This change marked a significant turning point in
his career, leading to his appointment as General
Manager of a company specializing in electronic
payments and cards, a role Abdulbaset held until
2021. During this time, he also served as the
Executive Director of the electronic services
development project at a major Yemeni bank, as
both entities were part of the same commercial
group.
Later, the resolute leader collaborated with leading
Yemeni financial institutions to establish WeCash -
Jawali E-Wallet.
But even with all these issues, he managed to do something amazing.
Jawali, the electronic wallet, became the first in Yemen to get over a
million customers in just two years. This success came from WeCash's
strong dedication to making people trust banks again. The most
impactful business leader and his team worked hard to teach people
more about money through events and activities for different groups in
society. Plus, they made it easier for people to use their services by
setting up more places where they could sign up.
Commitment to Financial Inclusion and SDGs
“Our vision for financial inclusion centers on actively contributing to
the achievement of Yemen's Sustainable Development Goals (SDGs) by
delivering accessible and affordable financial services across diverse
societal segments. This approach positions us as a key player in
driving a qualitative transformation within the Middle Eastern
electronic financial services landscape,” states Abdulbaset.
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He further states that Yemen is special
because it's a place where new ideas
can grow, especially when it comes to
making different financial services for
people and businesses. This presents a
significant opportunity to make a
lasting impact on financial inclusion
within the region.
Expansion Blueprint: Building a
Cooperative Economy
Under Abdulbaset's reign, WeCash has
laid out a detailed plan for growth in
the next five years, focusing on
expanding both locally and regionally.
Its goal is to create a cooperative
economy within Yemen, partnering
with various sectors like financial
institutions, commercial entities, and
even the public sector. The company
believes in win-win collaborations that
benefit everyone involved. It is also
considering acquiring other companies
to enhance its services.
On the regional level, WeCash aims to
enter nearby markets. The leading
company might use its existing Jawali
service or develop new financial
solutions tailored to each market's
needs. “To achieve this ambitious
vision, WeCash is actively
implementing a meticulously crafted
and adaptable business plan, ensuring
timely execution on the ground,” says
Abdulbaset.
Trailblazing in Finance
The near-term goals of Abdulbaset
center around spearheading a
qualitative shift in the financial
banking sector. He aims to accomplish
this by nurturing an atmosphere of
innovation and creating new financial
products using advanced technologies.
Moreover, he is dedicated to
establishing himself as a leader in
spearheading positive change
throughout the financial banking
sector.
Decision-Making Philosophy
Abdulbaset emphasizes careful team
selection as his top priority, followed
by delegation, empowerment,
energizing, and fostering initiative. He
believes that effective communication
is crucial for this approach. When
making decisions, his guiding
principles prioritize the national
interest before the company's success,
ensuring alignment with the greater
good. In terms of leadership qualities,
he values the ability to spearhead
change through effective strategic
thinking, along with essential
foundational leadership skills.
From Local Trailblazers to Global
Leaders
As Co-Founder and CEO, Abdulbaset
states that they are embarking on a
transformative journey. Even though
they have accomplished a lot already,
there are still plenty of opportunities
for growth. He and his team take
immense pride in their pioneering role
in reshaping Yemen's financial and
banking sectors. But they are not
stopping there. They want to be a
major player in the region and,
eventually, a global leader in the
FinTech industry.
Valuable Advice for FinTech
Entrepreneurs
Abdulbaset gives advice for aspiring
FinTech entrepreneurs, “My advice is
to cultivate a spirit of creativity and
embrace innovation. The FinTech
landscape is still in its nascent stages,
presenting a wealth of opportunities
for those who can develop
groundbreaking solutions.” He further
adds, “However, success in this
dynamic field also requires patience.
Building a sustainable and impactful
FinTech venture necessitates a longterm
vision and the perseverance to
navigate the complexities of the
financial industry.”
The Economic Potential of Yemen in
the FinTech Era
According to Abdulbaset, the Middle
East stands at the precipice of a
FinTech revolution, poised to
fundamentally reshape the financial
and banking landscape. This could
change how banks and money work.
It's a big deal that will bring in new
and creative ways to do business.
Yemen is an interesting part of this
change. It has a lot of skilled workers
who know a lot about technology. Plus,
they cost less than other places in the
region. This makes Yemen a good
candidate to be important in the
FinTech revolution.
Looking forward, Artificial Intelligence
(AI) will be super important in
transforming the financial services
industry. AI has established itself as
one of the most critical tools within the
FinTech arsenal.
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Emerging Trends
Innovation and Growth
The Middle East is witnessing a profound transformation
in its business landscape, marked by rapid
advancements, innovative strategies, and a shift towards
sustainable growth. As the region continues to evolve, several
key trends are emerging that are reshaping its economic future
and positioning it as a global powerhouse.
1. Digital Transformation and Technology Integration
One of the most significant trends in the Middle East is the
widespread adoption of digital technologies. Governments and
businesses alike are investing heavily in digital infrastructure,
with a focus on integrating artificial intelligence (AI),
blockchain, and the Internet of Things (IoT) into various sectors.
The UAE, for instance, has launched several initiatives aimed at
fostering a digital economy, including Dubai's Blockchain
Strategy and the Emirates Blockchain Strategy 2021. These
initiatives aim to streamline government processes, enhance
transparency, and create a robust ecosystem for tech startups.
Saudi Arabia's Vision 2030 also emphasizes digital
transformation, with significant investments in smart cities, e-
government services, and tech-driven industries. The NEOM
project, a $500 billion mega-city, epitomizes this vision,
promising a technologically advanced, sustainable urban
environment.
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2. Renewable Energy and Sustainability
As global concerns about climate change intensify, the
Middle East is making notable strides in renewable energy
and sustainability. The region, traditionally known for its oil
wealth, is now pivoting towards green energy solutions.
The UAE's Masdar City, a hub for clean technology and
renewable energy, and Saudi Arabia's ambitious plan to
generate 50% of its energy from renewable sources by
2030, are prime examples. Solar energy projects, such as
the Mohammed bin Rashid Al Maktoum Solar Park in
Dubai and the Sakaka solar plant in Saudi Arabia, highlight
the region's commitment to sustainable energy.
These efforts are not just environmentally driven but also
economically strategic, aiming to diversify energy sources,
reduce dependency on oil, and create new economic
opportunities in the green sector.
3. Diversification of Economies
Economic diversification is a crucial trend as Middle
Eastern countries seek to reduce their reliance on oil
revenues. This diversification is evident in sectors such as
tourism, entertainment, healthcare, and finance.
Saudi Arabia's Vision 2030 outlines plans to develop the
tourism sector significantly, with projects like the Red Sea
Development and the Al-Ula cultural heritage site. The
UAE continues to enhance its status as a global tourism and
business hub, with Dubai hosting Expo 2020 (now extended
to 2021 due to the pandemic), showcasing innovations and
attracting international investments.
In the financial sector, fintech is gaining momentum.
Bahrain has positioned itself as a regional fintech hub with
its regulatory sandbox, fostering innovation in digital
banking, payments, and blockchain technologies.
4. Entrepreneurship and Startup Ecosystems
The Middle East is experiencing a burgeoning startup
ecosystem, driven by a young, tech-savvy population and
supportive government policies. Countries like the UAE,
Saudi Arabia, and Egypt are emerging as hotspots for
entrepreneurship.
Incubators, accelerators, and venture capital firms are
proliferating, providing startups with the necessary support
to scale. Initiatives like Saudi Arabia's MiSK Foundation
and the UAE's Hub71 are pivotal in nurturing a culture of
innovation and entrepreneurship.
The e-commerce sector, in particular, has seen exponential
growth, accelerated by the COVID-19 pandemic.
Companies like Noon and Souq (acquired by Amazon)
exemplify the region's potential in the digital retail space.
5. Focus on Infrastructure and Logistics
Infrastructure development remains a priority, with
substantial investments in transport, logistics, and urban
development. Projects like the Etihad Rail in the UAE and
the King Abdullah Economic City in Saudi Arabia aim to
enhance connectivity and support economic growth.
The region's strategic location, bridging Europe, Asia, and
Africa, makes it a vital logistics hub. Initiatives like Dubai's
DP World and Saudi Arabia's National Industrial
Development and Logistics Program (NIDLP) are focused
on leveraging this geographical advantage to boost trade
and logistics capabilities.
6. Education and Workforce Development
As the Middle East modernizes its economies, there is a
growing emphasis on education and workforce
development. Countries are investing in education systems
to equip their populations with skills relevant to the digital
age.
The UAE's National Strategy for Higher Education 2030
and Saudi Arabia's Human Capability Development
Program aim to create a knowledge-based economy. These
initiatives focus on enhancing STEM (Science, Technology,
Engineering, and Mathematics) education, fostering
innovation, and aligning educational outcomes with market
needs.
The Middle East is at a pivotal juncture, with emerging
trends driving significant changes across its business
landscape. Digital transformation, renewable energy,
economic diversification, entrepreneurial growth,
infrastructure development, and education are shaping a
future that promises innovation and sustainable growth.
As these trends unfold, the region is not only poised to
become a global economic leader but also to create a more
inclusive and sustainable economy that benefits all its
citizens. The Middle East's journey is a compelling
narrative of resilience, adaptation, and visionary leadership,
setting the stage for a new era of prosperity.
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