Nakumatt CEO among top business leaders

January 26, 2010

, NAIROBI, Kenya, Jan 26 – Supermarket chain Nakumatt Holdings’ Managing Director Atul Shah has been named as one of the top 50 emerging market business leaders by the Financial Times of London.

Mr Shah, has been named alongside other business leaders from the BRIC countries – Brazil, Russia, India and China – and other emerging market economies.

In a survey titled: 50 emerging market business leaders, the Financial Times named Mr Shah alongside Equity Bank CEO James Mwangi as some of the top 50 emerging markets business leaders.

Mr Shah and Mr Mwangi were the only Kenyan business leaders who hit the FT’s survey top ranks in the analysis that features the world’s business big hitters.

From across Africa, Mr Shah made it to the FT’s selection alongside Nigeria’s leading Industrialist Aliko Dangote, South Africa’s business magnate Cyrille Ramaphosa among others.

While welcoming the survey results, Mr Shah described the recognition by the Financial Times as a vote of confidence for the East African economies and pledged to further play a key role in deepening the regional retail market scene.

“I am extremely honoured and feel privileged to feature in the Financial Times Top 50 list which in a big way encourages me to step up Nakumatt’s market presence in East Africa,” Mr Shah said.

 “Besides my personal pride and that of the entire Nakumatt customers and staff fraternity, such a recognition is a clear vote of confidence on the potential of East Africans.”

The Financial Times in its  selection of 50 emerging market business leaders who have shaped the economic performance of their respective regions noted that BRIC countries and other emerging market economies have powered ahead economically over the past decade, marking a distinct shift in global power.

On its Nakumatt Holdings note, FT noted: “Atul Shah has built Nakumatt into the biggest supermarket chain in East Africa and made it the regions most prominent connection to the world of globalised consumerism.”

FT expressed optimism that BRICS could together outstrip the world’s existing six biggest economies by 2039 and China might overtake the US by 2041.


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