Meet The Region’s Biggest Public Companies
- The market value of the 100 companies totals $4 trillion.
- 24 newcomers join the ranking.
- Saudi firms reign the list with 33 entries, followed by the U.A.E. with 25.
- Saudi Aramco maintains its lead as the region’s most valuable company for the third year.
Forbes Middle East has released its annual ranking of the Top 100 Listed Companies for 2022, highlighting the region’s largest, most valuable, and most profitable companies.
To construct the list, data was gathered from listed stock exchanges in the Arab world and evaluated companies based on sales, profits, assets, and market value. Listed subsidiaries of other listed companies and companies that hadn’t disclosed their 2021 audited financial statements as of April 20, 2022, were excluded.
For the third consecutive year, the world’s largest oil and gas giant, Saudi Aramco, tops the ranking with $400.5 billion in sales and a market value of $2.3 trillion. Saudi industrials titan SABIC follows second with $46.6 billion in sales and a valuation of $100.5 billion. QNB Group rounds up the top three with $14 billion in sales and $59.1 billion in market capitalization, making it the only Qatari company to appear amongst the top 20.
Of the 100 firms, 33 are listed in Saudi Arabia, making it the dominant origin in the list. U.A.E.-based firms rank second with 25 entries, followed by Qatar with 16. Combined, these three Gulf nations make up nearly 75% of the ranking.
Top 100 Companies 2022: Country Breakdown | |||||
Saudi Arabia | 33 | Kuwait | 8 | Jordan | 3 |
U.A.E. | 25 | Bahrain | 5 | Egypt | 3 |
Qatar | 16 | Morocco | 5 | Oman | 2 |
Amongst sectors, banking and financial services remains the most represented in this year’s ranking with 42 entries, the same as 2021. Of the top 10 companies in the list, 50% are banks. Industrials and telecommunications comprised the second most-populated category, with 11 entries each. Still, the companies operating in energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65% of the aggregate net income of the 100 companies.
Thanks to the surge in oil prices, Gulf countries have recovered fast, with the Middle East’s listed companies outperforming. The top 100 listed companies pocketed $201.7 billion in total net income during 2021, marking a surge of over 121% compared to the $91 billion in total net income from 2020. Overall, the market value of the 100 companies totaled $4 trillion, up from $3 trillion a year ago. The total value of assets spiked to $4.2 trillion, while sales climbed 44% to $794 billion.
A booming business environment has also led 24 newcomers to join this year’s list, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dubai, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical.
This year, Forbes Middle East also revealed its first Top 50 Listed Companies In Egypt ranking, featuring the country’s most valuable and profitable players. The aggregate market value of the top 50 stands at $28.5 billion, while the value of assets exceeds $142 billion. The companies generated $39.1 billion in aggregate revenues and $5.4 billion in net income.
Click here for the complete ranking of the Top 100 Listed Companies in the Middle East 2022.
Top 10 Listed Companies in the Middle East 2022
1 | Saudi Aramco
Country: Saudi Arabia
Sector: Energy
Market value: $2.3 trillion
Sales: $400.5 billion
Profits: $110 billion
Assets: $576.7 billion
2 | SABIC
Country: Saudi Arabia
Sector: Industrials
Market value: $100.5 billion
Sales: $46.6 billion
Profits: $8.1 billion
Assets: $84.9 billion
3 | QNB Group
Country: Qatar
Sector: Banks & Financial Services
Market value: $59.1 billion
Sales: $14 billion
Profits: $3.6 billion
Assets: $300.3 billion
4 | Saudi National Bank (SNB)
Country: Saudi Arabia
Sector: Banks & Financial Services
Market value: $87.3 billion
Sales: $8.6 billion
Profits: $3.4 billion
Assets: $243.8 billion
5 | Al Rajhi Bank
Country: Saudi Arabia
Sector: Banks & Financial Services
Market value: $119.9 billion
Sales: $7.1 billion
Profits: $3.9 billion
Assets: $166.3 billion
6 | First Abu Dhabi Bank (FAB)
Country: U.A.E.
Sector: Banks & Financial Services
Market value: $68.8 billion
Sales: $8.2 billion
Profits: $3.4 billion
Assets: $272.4 billion
7 | Saudi Electricity (SEC)
Country: Saudi Arabia
Sector: Utilities
Market value: $29.8 billion
Sales: $18.5 billion
Profits: $3.8 billion
Assets: $126.6 billion
8 | Emirates NBD
Country: U.A.E.
Sector: Banks & Financial Services
Market value: $25.8 billion
Sales: $9.8 billion
Profits: $2.5 billion
Assets: $187.2 billion
9 | e&
Country: U.A.E.
Sector: Telecommunications
Market value: $83.1 billion
Sales: $14.5 billion
Profits: $3 billion
Assets: $34.9 billion
10 | TAQA Group
Country: U.A.E.
Sector: Utilities
Market value: $41 billion
Sales: $12.4 billion
Profits: $1.6 billion
Assets: $49.1 billion
10 | Saudi Telecom Company (stc)
Country: Saudi Arabia
Sector: Telecommunications
Market value: $60.8 billion
Sales: $16.9 billion
Profits: $3.1 billion
Assets: $34.1 billion
