MANAMA: Bahrain’s The K Hotel has made it to the first-ever Arabia Fast Growth 500 (Arabia500) list.
AllWorld’s Arabia500 winners were announced during the Second Global Summit on Entrepreneurship in Istanbul, Turkey, which was hosted by Prime Minister Recep Tayyip Erdogan and attended by US Vice-President Joe Biden.
The entrepreneurs of the Arabia 500, spanning from Morocco to Pakistan, are succeeding against the odds, growing at 40 per cent yearly in the toughest downturn in 80 years, and two-thirds reporting stronger profitability compared to a year ago.
“The Arabia500 companies, led by dynamic men and women, represent the leading edge of a new approach to competitiveness,” said AllWorld co-founder Harvard Business School Professor Michael Porter.
“We are very honoured to be awarded as one of the Arabia500 and GCC100 and the only one in Travel and Tourism Industry category in Bahrain,” The K Hotel managing director Faisal Kanoo said.
“Having this award on the first year of existence of The K Hotel is a great achievement and proves our vision of redefining the hospitality with the concept of cosy, comfortable and contemporary living, providing five-star facilities and services at four-star prices.
“The K Hotel in Bahrain has been a reflection of that dream and the response from clients has been overwhelming.”
While the companies of the Arabia500+Turkey are largely unknown, their combined GDP is greater than 80 countries.
Collectively, the Arabia500+Turkey represent $15 billion in sales and 100,000 employees, equal to two times the size of technology giant Apple.
Each entrepreneur on the ranking has created an average of 200 jobs, in industries from web technology to transportation, energy to education, and construction to consumer goods. An average of only 42 years old, nearly all of them plan to found another company in the next two years.
AllWorld co-founders Deirdre Coyle, Anne Habiby and Prof Porter mounted a 15-country effort with 40 organisations to find growth entrepreneurs, including TEPAV and TOBB (the Federation of Turkish Chambers), Arcapita, Monitor Group, Zawya, Cisco, chambers, business associations and many leading NGOs working with entrepreneurs.
Any private, non-listed, company was invited to compete for a spot on the inaugural Arabia500 and had to complete an application, show audited statements to verify their sales, and be strenuously vetted. The Arabia500 winners represent 15 countries, with the most number of winners coming from Turkey and the UAE, followed by Pakistan, Saudi Arabia, Jordan and Tunisia.
AllWorld’s mission is to make visible the emerging companies of the world, so that thousands of players can invest in them, buy from them and work for them.
