Saudi Arabia dominates list of top 100 companies in the Arab World: Forbes
Cii Radio|Ayesha Ismail| 21 June 2017| 26 Ramadaan 1438
Saudi Arabia continues to dominate in the Forbes Middle East “2017 Ranking of Top 100 Companies in the Arab World” with 36 companies.
In its June issue, Forbes Middle East noted that SABIC, which is from the kingdom, emerged at the top. With the rise in oil prices, the total market value of the top 100 companies in the Arab world reached $772 billion in April 2017, gaining 12% compared to the previous year. Although aggregate net profits decreased by 9.7% to $52.9 billion, sales and total assets increased by 2.4% and 3.8% to reach $288.3 billion and $2.7 trillion respectively as companies’ operational performance was relatively stable.
Following a wave of mergers and acquisitions across the region, banks and financial services take the largest share in terms of sector. The industrial sector and telecommunications came in second and third with Etisalat (#5) being the biggest telecommunications company across all metrics and Industries Qatar (#31) as the biggest industrial company in the list.
Global Telecom Holding (#33) was the top gainer in the list. Breaking the ranks this year are 10 new entrants: Omantel (#71), National Bank of Bahrain (#83), LafargeHolcim Maroc (#89), Elsewedy Electric (#92), Emaar The Economic City (#94), Saudi Ground Services (#94), Advanced Petrochemical Company (#97), BBK (#98), National Bank of Oman (#99) and Mannai Corporation (#100).
Khuloud Al Omian, Editor in Chief of Forbes Middle East, said “although oil prices drive the Arab region’s economy, the share of banking and financial services followed by telecommunication and industrial sector is a positive sign towards more vibrant growth for companies in the region.”
Source – Saudi Gazette