Forbes Middle East Unveils the Top Listed Companies in the Middle East
In its latest annual review, Forbes Middle East has highlighted the premier listed companies across the Middle East for the year 2024. This comprehensive ranking sheds light on the largest, most valuable, and most profit-generating corporations in what has been a period marked by significant economic shifts. The collective market value of these top 100 companies has reached an impressive $3.6 trillion.
The analysis conducted for this ranking noted some key trends and shifts from the previous year. Despite a total asset increase of 5.4% to $4.9 trillion, there’s been a noticeable 5.1% decline in sales – from $1.1 trillion in 2022 to $1 trillion in 2023. Furthermore, net profits have seen a 13.5% reduction to $240.2 billion, and market value also experienced a slight decrease of 4.4%.
To compile the list, Forbes Middle East meticulously gathered and analyzed data from various stock exchanges across the Arab region. The firms were evaluated based on critical financial metrics including reported sales, assets, profits for the financial year of 2023, and market value as of late April 2024. This rigorous approach ensured a credible and fair ranking, taking into account the financial performance and market influence of each company.
Leading the way in the ranking is Saudi Aramco, holding onto its position as the foremost company in the region for the fifth consecutive year, boasting $660.8 billion in assets and a remarkable market value of $1.9 trillion. This year, the giant made headlines with its strategic decisions to bolster its global ventures and partnerships, continuing to signify its massive influence in the global market.
The geographical distribution of the companies within the list reveals a significant concentration in the Gulf Cooperation Council (GCC) countries, with the United Arab Emirates (U.A.E.) and Saudi Arabia being particularly dominant. Specifically, the U.A.E. is represented by 32 companies, while Saudi Arabia follows closely with 31 entries. Other countries such as Qatar, Kuwait, Morocco, Bahrain, Egypt, Jordan, and Oman also feature within the list, showcasing the diverse economic landscapes within the Middle East.
Notably, the banking and financial services sector continues to hold a strong presence with 45 enterprises making it to the list. These firms collectively hold an impressive $3.3 trillion in assets, highlighting the sector’s critical role in the regional economy. Despite challenges faced in the year, the energy sector, led by powerhouse Aramco, stands out as the most profitable, exemplifying the enduring importance of natural resources in the region.
The list also welcomed six newcomers, showcasing the dynamic nature of the Middle East’s economic landscape. These include notable names like ADNOC Gas, Borouge, PureHealth Holding, and more, marking their significance and growth potential within their respective industries.
Here are the top ten listed companies in the Middle East for 2024:
- Saudi Aramco (Saudi Arabia) – Energy
- Saudi National Bank (SNB) (Saudi Arabia) – Banks & Financial Services
- International Holding Company (IHC) (U.A.E.) – Investments
- QNB Group (Qatar) – Banks & Financial Services
- First Abu Dhabi Bank (FAB) (U.A.E.) – Banks & Financial Services
- Emirates NBD (U.A.E.) – Banks & Financial Services
- alrajhi bank (Saudi Arabia) – Banks & Financial Services
- TAQA Group (U.A.E.) – Utilities
- Saudi Electricity Company (SEC) (Saudi Arabia) – Utilities
- Kuwait Finance House (KFH) (Kuwait) – Banks & Financial Services
Forbes Middle East ensures that its rankings not only highlight the success and magnitude of these corporations but also inspire the next generation of entrepreneurs and business leaders across the Arab region. Through meticulous data collection and research, Forbes Middle East continues to celebrate the resilience, innovation, and growth of the Middle East’s business landscape.
