Under Abdulaziz Al-Sowailim’s leadership, EY MENA has not just grown – it has thrived. As MENA Chairman and CEO, Al-Sowailim has steered the firm into new territories, driving expansion across key sectors such as financial services, tax reformation, digital transformation, and sustainability.
But beyond its own growth, EY MENA has helped businesses navigate the regulatory and economic landscape of the region to find their own success. According to an upcoming EY report that analyses new foreign direct investment (FDI), the GCC region saw 1,889 FDI projects in 2023 alone, mostly backed by Western Europe and North America.
EY MENA often collaborates with governments and businesses looking to seize these opportunities. Business services, software, and IT sectors have emerged as the primary sectors for FDI in the GCC, bolstered by the region’s low energy costs, attractive tax structures, and progressive regulatory frameworks. Thanks to these reforms – many of which permit full foreign ownership in a broad range of industries – the GCC has become a magnet for investors.
Al-Sowailim’s leadership is about more than navigating change – it’s about creating a vision for the future that blends innovation, resilience, and impact. “The region is full of opportunities. My legacy is tied to the incredible teams I work with on a daily basis,” Al-Sowailim reflects.
His commitment to sustainability and people-centric leadership runs deep, shaping every facet of EY’s operations in the region. From championing green energy initiatives to promoting sustainable business practices, EY MENA is determined to help the region transition towards a greener economy. “Clients are making serious investments to implement sustainable practices for the long-term, knowing that the gains for the business and their consumers will follow,” he adds.
People at the heart of leadership
For Abdulaziz Al-Sowailim, leadership is more than just strategy – it’s about people. “I have always championed the EY philosophy of implementing a human-centric approach to all that we do,” he states. It’s a principle that has shaped EY MENA’s evolution to an organisation where employee growth and innovation go hand in hand, creating an environment where talent is nurtured and ideas can flourish. This focus on people has set him apart as a visionary and transformed EY MENA into a powerhouse in the region.
Since his early days at EY, after graduating from King Saud University in 1987, Al-Sowailim has demonstrated an unwavering resolution to building an organisation that prioritises people. This dedication has paid off, both in the internal culture of EY and in the firm’s ability to navigate external challenges. As the Middle East experiences rapid economic and cultural shifts, EY’s people-first approach has allowed it to weather economic storms and emerge stronger.
Under Al-Sowailim’s direction, EY MENA has become more than just a firm – it has evolved into a thriving ecosystem where talent, technology, and innovation intersect. His guiding philosophy has been instrumental in shaping EY’s response to the dynamic changes sweeping the region. “The Middle East is undergoing tremendous economic and cultural growth, and we have the opportunity to support this transformation through our expertise,” he notes, highlighting the key role EY is playing in shaping the region’s future.
Driving regional growth
Al-Sowailim’s influence stretches beyond EY MENA’s internal culture. He is passionate about positioning the GCC as one of the most attractive destinations for global investors, and rightfully so. FDI into the GCC has increased over the past five years and is expected to continue its growth.
In 2023, the GCC saw a record 1,889 new FDI projects, led by investors from Western Europe and North America. These projects represent more than just financial figures – they are the foundation of the GCC’s transformation into a global business hub. EY MENA has supported governments and businesses alike, helping them navigate this influx of investment while ensuring that the region remains competitive on the global stage.
Al-Sowailim understands the key factors driving this surge. Stability, low energy costs, favourable tax environments, and progressive regulatory reforms have made the GCC irresistible to foreign investors. One of the most significant of these reforms has been the introduction of full foreign ownership across thousands of sectors, a game-changer that has opened the door to a flood of international interest.
This aligns with wider national development plans, such as Saudi Vision 2030, Qatar National Vision 2030, and ‘We the UAE 2031’, which not only set the aspirations for each country, but have respective teams working to achieve them. These plans offer outside investors an understanding of the potential of each country and region and highlights the opportunities relevant to their own economies.
Saudi Arabia, in particular, has set ambitious targets for FDI as part of its Vision 2030 initiative, aiming to triple its annual FDI intake to $100bn by 2030. Al-Sowailim sees this as a realistic goal. “In the next 30 years, we are going to see Saudi Arabia play a massive role in some of the largest economies around the world,” he asserts. The result will be a business landscape that is more resilient and better equipped to handle the challenges of a rapidly evolving global economy.
Where technology meets human potential
However, it’s not just foreign investment driving change in the region. Al-Sowailim’s vision for the future of the GCC is deeply intertwined with technological innovation, particularly the potential of artificial intelligence (AI) to revolutionise the way businesses operate. For him it is a tool that, when harnessed correctly, can enhance human potential and drive unprecedented levels of business innovation.
Last year, EY launched EY.ai, a platform designed to help companies integrate AI into their operations in a safe, responsible, and effective manner. This global initiative is more than just a technological upgrade; it represents a firm belief that the future of business is inseparable from the rise of AI. “AI has increased accessibility to knowledge and affected the speed at which both people and businesses can be responsive with effective results,” he explains.
AI is already having a profound impact on sectors such as healthcare, education, and traffic management across the GCC. Governments in the region have been quick to embrace AI as a tool for improving service delivery, and EY is supporting the region in leveraging AI to its full potential. But for Al-Sowailim, this is just the beginning.
One of the EY MENA flagship initiatives, the soon-to-be-opened EY Wavespace Centre in Riyadh, is set to become a hub of innovation, where clients, thought leaders, and academics can come together to solve complex challenges using cutting-edge technology. “The region’s ability to quickly embrace change and technology is its biggest asset,” he says, and Wavespace will be at the heart of this transformation.
Saudi Arabia’s bold transformation
At the core of Al-Sowailim’s leadership is a firm belief in Saudi Arabia’s potential to play a leading role in the global economy. Vision 2030 has fundamentally transformed Saudi Arabia’s economic landscape, moving it away from oil dependence and towards a diversified, innovation-driven economy. For Al-Sowailim, this shift represents a once-in-a-generation opportunity.
“The Crown Prince Mohammed bin Salman Al Saud announced his ambition to reduce the country’s reliance on oil and focus on what the country can offer – and the nation is well on its way to achieving those goals,” Al-Sowailim says.
His words are backed by concrete results. Saudi Arabia has attracted billions of dollars in investment across key sectors such as renewable energy, logistics, and infrastructure. These investments are setting the stage for long-term prosperity, and EY is keen to support the country as it implements its dynamic strategy.
Vision 2030 isn’t just about economic growth – it’s about creating a more sustainable and inclusive future for the Kingdom. EY has participated in co-developing strategies to reduce carbon emissions, promote renewable energy, and ensure that the benefits of economic growth are shared across all segments of society.
For Al-Sowailim, sustainability is a guiding principle that is integrated into every aspect of his leadership. “The prosperity of the MENA region relies on the commitment of businesses to creating long-term value for the communities they operate in,” he states.
Collaboration and innovation
Al-Sowailim’s approach to leadership goes beyond technology and investment: collaboration is the foundation upon which lasting success is built. Under his guidance, EY MENA combined resources with EY teams from around the world to curate a global network of partnerships with technology providers, ensuring that its clients have access to the latest innovations and insights. “We maintain an ecosystem of partners and strategic alliances to provide the right technology, capabilities, and insights to create long-term value,” he explains.
This collaborative design extends far beyond technology. Al-Sowailim believes in creating a unified and sustainable approach to business for both EY people and clients. Within the firm, he has fostered a culture of continuous improvement, encouraging his teams to think beyond borders, work as a collective across markets, and constantly seek new ways to deliver value. This mindset has positioned EY MENA as a trailblazer in its field, capable of navigating the challenges of an increasingly complex global marketplace.
A legacy of innovation and impact
As Al-Sowailim looks to the future, his legacy is already taking shape. His leadership has not only guided the EY MENA firm through a rapidly changing business landscape but has also positioned it as a key player in the economic transformation of the GCC. His pledge to sustainability, technology, and collaboration has left a lasting mark on both EY and the wider business community.
“EY has a clear commitment to the MENA region, and our investments will only grow,” he says. “As we look to the next 100 years, we will continue to innovate, anticipate the difficult questions and answer them, and shape the future with confidence.”
In a region as dynamic and evolving as the Middle East, Abdulaziz Al-Sowailim’s leadership stands as a testament to his prominence among a legion of innovators, visionaries, and entrepreneurs. His vision for a tech-driven, sustainable future is more than just aspirational – it’s a roadmap for success in the 21st century.
With his remarkable foresight, people-first approach, and relentless commitment to innovation, he is ensuring that both EY and the MENA region are well-equipped to face the challenges of tomorrow, creating a legacy that will resonate for generations to come.