15 C-suite leaders with highest salary packages

The C-suite, or C-level executives, are the highest-ranking officers in a corporation, including positions like CEO, CFO, and CTO. These executives play critical roles in strategic decision-making and overall management, often reporting directly to the board of directors.

In the Middle East, C-suite leaders salaries are reflective of the region's strong economic landscape. For instance, CEOs in Saudi Arabia earn between SAR 40,000 and SAR 105,000 per month, with an average total compensation of SAR 67,011. In Dubai, CEO salaries range from AED 25,000 to AED 86,000 monthly.

Notably, Forbes Middle East has recognised Amin H. Nasser, Sultan Al Jaber, and Ahmed bin Saeed Al Maktoum as top C-suite leaders in the region. These leaders have driven substantial economic and sustainability initiatives, reinforcing the critical role of C-level executives in the Middle East's corporate success.

C-suite salary package in Middle East

In the Middle East, C-suite salaries reflect the region's robust economic landscape. According to a Glassdoor survey, Chief Executive Officers (CEOs) in Saudi Arabia earn between SAR 40,000 and SAR 105,000 per month. The average salary stands at SAR 50,000 per month, with an estimated total monthly pay of SAR 67,011. This total includes an average additional compensation of SAR 17,011, which could be derived from bonuses, commissions, tips, and profit sharing. This data indicates that CEO salaries typically fall within the 25th to 75th percentile of the pay spectrum.

In Dubai, United Arab Emirates, CEO salaries show a similar trend. The average monthly base pay is AED 63,792, with additional cash compensation averaging AED 13,792. The total pay range extends from AED 25,000 to AED 86,000 monthly. This estimate is based on data from 77 anonymous salary submissions on Glassdoor, highlighting a high level of confidence in these figures.

Comparatively, the average annual salary for CEOs in Saudi Arabia, according to PayScale, is SAR 505,671. This figure includes base salaries ranging from SAR 21,000 to SAR 2 million, with potential bonuses and profit-sharing pushing total compensation to between SAR 24,000 and SAR 3 million annually.

In Israel, CEO salaries also reflect significant earning potential. The estimated total monthly pay for a CEO is ₪48,333, with base pay ranging from ₪27,000 to ₪48,000 and additional pay from ₪5,000 to ₪17,000. The median total pay for CEOs in Israel stands at ₪48,000 monthly, suggesting a lucrative compensation landscape in the region. 

These figures underscore the competitive compensation packages for top executives in the Middle East, driven by the region's economic vitality and the high demand for skilled leadership.

Middle East's top-rated C-suite leaders

Forbes Middle East recently published its third annual list of the Top 100 CEOs in the Middle East, showcasing the most influential leaders in the region’s top companies. The combined revenues of these companies exceeded $1 trillion in 2022, with a collective market worth of over $5 trillion. Amin H. Nasser, the President and CEO of Saudi Aramco, claimed the top spot. He was followed by Sultan Al Jaber of ADNOC Group and Ahmed bin Saeed Al Maktoum of Emirates Airline and Group. These three leaders have consistently held the top ranks for three years. The list features leaders from 22 nationalities, with Emiratis leading with 23 entries, Egyptians with 19, and Saudis with 18. Together, these groups make up 60% of the ranking.

The banking sector is the most represented with 17 CEOs, followed by real estate and construction with 14, and telecommunications with nine. The top 10 alone span six different industries, highlighting the diversity of sectors. Sustainability is a key focus this year. Ahmed Galal Ismail of Majid Al Futtaim – Holding led a significant reduction in single-use plastic. Sultan Al Jaber, as president-designate of COP28, emphasised climate action. Saeed Mohammed Al Tayer of DEWA aims to boost water desalination capacity significantly by 2030.

Forbes Middle East evaluated the CEOs based on their achievements, innovations, company size, and industry impact. Only CEOs of companies headquartered in the MENA region were considered. These rankings highlights the significant influence and impact of these leaders in driving both economic growth and sustainability in the Middle East. 

Highest paid CEOs in the Middle East

The compensation of senior executives and board members mostly remains confidential. However, according to data compiled by Argaam, a Saudi Arabian financial news channel, the highest-paid CEOs (2022-2023) of Tadawul (Saudi Exchange) listed companies are as follows: 

#1 Ibrahim Al Alwan

The Chief Executive Officer of Al-Akaria, a Saudi-based real estate company, who recently stepped down from the position, reportedly received SAR 5.77 million in 2023 in total salary, including bonuses and allowances. In the previous year, he received SAR 5.76 million in total compensation.

#2 Riyadh Almalik

The Chief Executive Officer of the retail group Saudi Automotive Services Company (SASCO) received SAR 4.37 million in total salary in 2023, including bonuses, allowances, and end-of-service benefits. However, this was a drop from his previous year's compensation, which was SAR 6.47 million in total. The reasons for his reduced compensation were not disclosed, even though the company's profits reportedly increased by 76 percent in 2022 (SAR 89.7 million), and robust revenue growth is expected in 2023 due to new acquisitions and station launches.

#3 Sami Safran

The recently retired Chief Executive Officer of Middle East Paper Company (MEPCO), Sami Ali Al Safran, received SAR 4.16 million in total compensation in 2023, including allowances, in-kind privileges, and benefits. In 2022, he received SAR 3.99 million in total compensation. The salary of acting CEO Rob Jan Renders, who took over Sami’s responsibilities, has yet to be disclosed.

#4 Khaled Ahmed Al-Faqih

The former Chief Executive Officer at Red Sea International received SAR 3.76 million in total compensation in 2023, including remuneration and end-of-service benefits. In 2022, he received SAR 1.81 million in total compensation. However, Khaled stepped down from the role last year, and Marwan Sayegh was appointed as the new CEO, whose salary has yet to be disclosed.

#5 Ali Bin Abdullah Al-Ayed

The Chief Executive Officer of Yanbu Cement Co. received SAR 3.70 million in total compensation, including periodic bonuses, end-of-service benefits, and other allowances. He received SAR 3.64 million in total compensation in 2022.

#6 Moath AlMakhdob

The Chief Development Officer at Al Akaria received SAR 2.82 million in total compensation during 2023, including salary, periodic bonuses, and other allowances. In the previous year, he received SAR 2.71 million in total compensation.

#7 Waleed M. Baghdadi

The Chief Human Resources Officer at Yanbu Cement Co. received SAR 2.56 million in total compensation, including salary, periodic bonuses, end-of-service benefits, in-kind privileges, and other allowances. In 2022, he received SAR 1.34 million in total compensation.

#8 Fadhil bin Fawzan Al-Saadi

The Chief Executive Officer at Media and Skills Entertainment Council (MESC) received SAR 2.44 million in total compensation, including salaries, periodic bonuses, and other allowances. In 2022, he received SAR 1.09 million in total compensation.

#9 Muaffaq Mubarah

The Chief Executive Officer at Abdullah Al-Othaim Markets received SAR 2.42 million in annual salary in 2023, a noticeable drop from his 2022 annual salary, which was SAR 7.73 million in total compensation. The reason for his salary reduction was not disclosed by the company.

#10 Fahad Al-Aslami

The Chief Financial Officer at Al Akaria group received an annual salary of SAR 2.39 million, including allowances and periodic bonuses. In 2022, he received SAR 2.22 million in total compensation.

#11 Shaker bin Nafel Al Otaibi

The CEO at Maadaniyah received SAR 2.36 million in total compensation in 2022, including salaries, end-of-service benefits, remuneration, and other allowances. In the previous year, his total compensation was SAR 2.08 million.

#12 Marwan Ahmed Mohammed Ibrahim

The Chief Financial Officer at Al Othaim received SAR 2.32 million in total compensation, including salaries and periodic bonuses. In 2022, he received SAR 2.18 million in total compensation.

#13 Mohammed Sari Anabtawi

The Chief Information Officer at Al Akaria group received SAR 2.13 million in total compensation, including salaries, periodic bonuses, and other allowances. In 2022, his compensation was slightly higher at SAR 2.25 million.

#14 Saud Alotaibi

In 2023, the Chief Operating Officer at SASCO received SAR 1.79 million in total compensation, including salaries, allowances, periodic bonuses, and end-of-service bonuses. This was lower than his compensation in 2022, which was SAR 2.18 million in total compensation.

#15 Mansour Al-Salmi

In 2023, the Managing Director and CEO of Raydan earned SAR 1.39 million in total compensation, including salaries, allowances, and an end-of-service bonus. However, in 2022 his pay was higher, with SAR 2.40 million in total compensation.

The Middle East's C-suite leaders command impressive compensation packages, reflecting the region's economic strength and demand for top talent. Figures from Saudi Arabia, the UAE, and Israel demonstrate lucrative salaries and additional compensations. Forbes Middle East's ranking of top CEOs underscores their pivotal role in driving economic growth and sustainability initiatives.