Saudi state-owned oil giant Aramco ranked highest on Forbes top 100 Middle East companies for 2023. The list released on Tuesday, reinforced the Gulf status as the center of economic gravity for the region particularly its energy and financial sectors.
In its list, the US-based business news outlet used criteria sales figures, revenue and market value as main criteria. The companies on the list are from the Middle East and North Africa and are all listed on a stock exchange. The following is a breakdown of Forbes’ top 10 companies in the region:
Aramco
Aramco again took the top spot, with Forbes noting its $604.4 billion revenue in 2022 and market value of $2.1 trillion.
The Saudi government owns more than 90% of Aramco, but in 2019 Riyadh decided to float a 1% stake in the company on the country’s stock exchange.
Aramco earned an all-time high of $161 billion in profits last year. However, Aramco’s profits fell by 19% in the first quarter of 2023 due to relatively low global oil prices.
Aramco delayed another public offering in May.
Last week, Forbes listed Aramco as the second on its Global 2000 list of the world’s largest companies. US banking giant JPMorgan Chase was first, while the Industrial and Commercial Bank of China was third.
SABIC
Saudi Arabia’s Basic Industries Corporation, aka SABIC, is a Saudi petrochemical company. Aramco notably purchased a 70% stake in SABIC in 2020.
Last December, Aramco and SABIC sent blue ammonia to South Korea.
QNB Group
The Qatari National Bank (QNB) is 50% owned by the state’s Qatar Investment Authority. The rest of the shares are publicly traded. The bank posted a 9% increase in profits to $3.9 billion in 2022.
Saudi National Bank
Saudi National Bank (SNB) is one of the largest banks in the kingdom. The bank was in the news earlier this year due to its stake in the Swiss bank Credit Suisse. SNB purchased a nearly 10% stake in Credit Suisse last year. In March, SNB said it would not increase its stake in the Swiss bank amid the latter’s struggles. Another Swiss banking giant, UBS, ultimately acquired Credit Suisse. SNB now holds 0.5% of UBS.
International Holding Company
International Holding Company (IHC) is based in Abu Dhabi. It has businesses in a multitude of sectors, including agriculture, energy and technology. Its chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security advisor and brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan, aka MBZ,
Al Rajhi Bank
Al Rajhi Bank is also one of Saudi Arabia’s largest banks. In April, Forbes named the bank as the most valued in the Middle East with a value of $75 billion. Saudi National Bank was ranked second with $56.4 billion.
Saudi Electricity Company
The Saudi Electricity Company is widely described as having a monopoly on electricity in the kingdom. the firm is also eyeing expansion throughout the region. Last August, the Saudi Electricity Company announced funding for its electricity interconnection plan with Egypt.
First Abu Dhabi Bank
First Abu Dhabi Bank (FAB) is one of the largest banks in the UAE. Sheikh Tahnoon is likewise its chairman. The stateowned Mubadala Investment Company owns about 38% of FAB.
Emirates NBD
Emirates NBD is another major Emirati bank. The government of Dubai owns about 55% of Emirates NBD.
TAQA Group
TAQA is a United Arab Emirates state-owned energy company. The firm has traditionally been focused on oil gas, but more recently has increased its focus on renewable energy. In April, the firm raised $1.5 billion after issuing its first-ever green bonds.
Why it matters: Forbes’ list also indicates the continued economic power of the Gulf vis-a-vis other parts of the Middle East and North Africa. A whopping 91% of the companies are from Gulf Cooperation Council (GCC) countries.
The list further demonstrates the dominance of the energy and financial sectors in the region. A total of 42 finance and banking firms made the list, while the “bulk” of the profits was from the energy sector, according to Forbes.
Forbes said the top 100 companies’ aggregate market value decreased by 5% in 2023, falling from $4 trillion to $3.8 trillion. The outlet cited high inflation and pressure on financial markets globally to this end. On the other hand, the companies’ aggregate sales increased 38.5% to $1.1 trillion, while profits increased 37.7% to $277.7 billion.
Know more: Among non-Gulf countries, Morocco again had four companies make the list: Attijariwafa Bank, Banque Centrale Populaire (BCP) Group, Maroc Telecom and Bank of Africa.
The Jordan Phosphate Mines Company also made the list.
Telecom Egypt was ranked 83rd last year but did not make the Forbes list this year. In May, the Egyptian government sold a stake in Telecom Egypt as part of its economic reform plans.
Only one airline made the list — the Emirati budget carrier Air Arabia.
Among the new entries to the Forbes list were the UAE restaurant operator Americana Restaurants and the Saudi oil supplier Luberef. Aramco also owns a 70% stake in the latter.
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