Winner announced for EY Entrepreneur of the Year award in Jordan

05 December 2018

The founder of International General Insurance Wasef Jabsheh has been chosen as EY’s Entrepreneur of the Year for Jordan.

Recognising outstanding business achievements in vision and leadership, Ernst & Young’s Entrepreneur of the Year (EoY) programme has grown over the past 30 years to now include local editions in more than 145 cities across 60 countries worldwide, with national recipients since 2001 then competing for the coveted global crown – awarded this year to affordable housing pioneer Rubens Menin of Brazil.

Joining the world award ceremony to be held in Monte Carlo next June will be Wasef Jabsheh, the founder and CEO of specialist commercial insurer International General Insurance (IGI), named this year’s EoY for Jordan. With a Middle Eastern representative yet to claim the world title, Jabsheh, and an as yet determined Saudi winner, will be up against international entrepreneurs such as Jeffrey Tiong of Singapore, and Australia’s Jo Horgan.Winner announced for EY Entrepreneur of the Year award in JordanSince the firm’s founding by Jabsheh in 2001, and with assets now in excess of $880 million, IGI has grown its operations across the globe to include hubs in Europe, Asia, North Africa and the Americas, with bases in Bermuda, Casablanca, Kuala Lumpur and London launched in addition to its activities in Amman and Dubai. Specialising in marine and energy insurance for over 40 years, Jabsheh previously held prominent regional positions with Kuwait Insurance and Abu Dhabi National Insurance among others.

In the other EoY categories, Nour Al Hassan, the founder of machine learning and AI linguistics platform Tarjama, which provides greater work opportunities for women and youth and now has 500-plus clients and a staff of over 100, was named Emerging Entrepreneur of the Year, with Jordanian Deputy Prime Minister and Minister of State Rajai Muasher on hand to present the awards at last week’s ceremony at the Four Seasons Hotel in Amman.

“Award programmes such as Entrepreneur Of The Year are incepted to uncover outstanding entrepreneurs who directly contribute to elevating the business landscape in the Kingdom, while serving as role models for generations to come by demonstrating impeccable acumen, leadership and vision,” said EY Jordan partner Waddah Barkawi. “The dynamic startups they establish are key drivers for advancing the local economy and giving rise to Jordan as a prime hub for business and entrepreneurship on the global map.”

In June, EY introduced its Entrepreneurial Winning Women programme to the Middle East and North Africa for the first time.


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EY estimates $33 billion boon to UAE economy from Expo 2020 Dubai

16 April 2019

Professional services firm Ernst & Young has outlined the potential economic impact of Expo 2020 Dubai to the UAE economy, concluding a possible $33 billion windfall in gross value add and a near 50,000 full-time equivalent jobs per annum to 2031.

With the Expo 2020 Dubai global showcase now just around the corner – and expected to attract 25 million visits from across the world during its six month schedule from October next year – professional services firm Ernst & Young has released an economic impact report for the event, calculating a US$33 billion (AED122.6 billion) boost of gross value added (GVA) to the local economy from 2013–2031 along with contributing more than 900,000 ‘job years’.

“Expo 2020 Dubai is an exciting long-term investment for the UAE, and is expected to have a significant impact on the economy and how jobs are created directly and indirectly,” said EY MENA Transaction Advisory Services partner Matthew Benson, adding; “Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain global audiences.”

According to the report, the six months of the Expo – the first to be held in anywhere in the Middle East, Africa or South Asia in the event’s 168-year history – will contribute around 1.5 percent of the UAE annual forecast GDP, with the analysts taking in ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand, and ‘induced’ benefits from increased spending by employees of participating firms to arrive at its $33 billion figure.EY estimates $33 billion boon to UAE economy from Expo 2020 DubaiConsidering further the planning and legacy phases, EY has in addition estimated AED 4.7 billion in investment to small and medium enterprises (SMEs) during the pre-Expo phase, supporting approximately 12,600 job-years, with the Expo expected to support more than 900,00 full-time equivalent (FTE) job-years in total in the Emirates from 2013 to 2031 – equivalent to some 49,700 FTE jobs. Meanwhile, strong legacy planning will ensure the ongoing benefits.

“Over 80 percent of the Expo built environment is planned to be retained for District 2020, and eventually expand into a city covering more than four million square meters,” states the report, adding that District 2020 aims to support the UAE’s future vision as to sustainable economic development and an innovation-driven economy, with a supportive business environment for key growth industries such as logistics and transport, tourism, construction, real estate and education.

“Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event,” said Jamie Torrens, EY MENA’s head of Economic Advisory in its transaction advisory service division. “Across the period of our study, spanning the Pre-Expo, During-Expo and Legacy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added (GVA) and thousands of jobs in the UAE.”

As a breakdown, the three largest impact areas across the full study period will be events organisation & business services (contributing over half of the overall figure) followed by construction and then hospitality, while transport, storage & communications will be another significant contributor during the life of the Expo and its planning phase. Retail will also see a boost during the legacy period, with nearly 550,000 jobs years created in this period across sectors.

“This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment,” said Expo 2020 Executive Director Najeeb Mohammed Al-Ali. “Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”

Related: Accenture and SAP roll out next-generation technology for Dubai Expo