Qatar International Islamic Bank (QIIB) 75
77
• Group CEO: Antoine Daher
• CEO: Abdulbasit Ahmed Al Shaibei
Country: Kuwait Sector: Banks & Financial Services Market Value: $2.4 billion Sales: $1.4 billion
Country: Qatar Sector: Banks & Financial Services Market Value: $4 billion Sales: $761 million
Profits: $191 million Assets: $23.4 billion
Profits: $295 milllion Assets: $15.5 billion
The Burgan Bank Group was established in 1977 by the government of Kuwait and privatized in 1997. Today, it has 127 branches and 284 ATMs across Kuwait, Türkiye, Algeria, and Tunisia. In February 2023, the Burgan Bank Group completed the sale of its 51.8% stake in the Bank of Baghdad to Jordan Kuwait Bank for $125 million. In December 2022, the Capital Markets Authority granted Burgan Bank Group initial approval to offer its clients investment advisory, unregistered securities brokerage, and investment portfolio management. The bank’s net profit soared 20.5% in 2022 to $191 million. The Kuwait Projects Company (Holding), known as KIPCO, owns 64.3% of the bank.
Established in 1990, QIIB provides personal and corporate Islamic banking solutions across 17 branches in Qatar. In October 2022, QIIB established the Takaful Insurance Company in Morocco in cooperation with the Atlanta Insurance Company, CIH Bank, and Qatar Islamic Insurance Company. The bank also holds 40% of Moroccan Umnia Bank. The Qatar Investment Authority is the largest shareholder in QIIB, with a 16.62% stake.
76
78
solutions by stc
• President and CEO: Mohammed Berki Al Zuabi
• CEO: Omer Abdullah Alnomany
Country: Saudi Arabia Sector: Utilities
Country: Saudi Arabia Sector: Technology
Market Value: $4 billion Sales: $1.7 billion
Market Value: $9.1 billion Sales: $2.3 billion
Profits: $226 million Assets: $6.5 billion
Profits: $281 million Assets: $2.7 billion solutions by stc offers connectivity, cloud services, system, and cybersecurity integration. It also covers digitization and technology integration across real estate, education, oil & gas, telecom, banking, and government sectors. In April 2023, solutions by stc acquired 100% of the Contact Center Company, a business process outsourcing (BPO) company in Saudi Arabia, with an enterprise value of $120 million. In 2022, it also acquired 88.19% stakes in Giza Systems and 34% of Giza Arabia, with an enterprise value of $158 million. Following these acquisitions, the company now has a presence in over 35 Saudi cities, as well as a regional footprint in Cairo, Dubai, Doha, Nairobi, Dar-es-Salaam, Abuja, Kampala, and New Jersey. stc owns 79% of the company’s shares.
Insurance
F O R B E S M I D D L E E A S T.C O M
Marafiq
Marafiq provides a full package of utility services, including potable water, seawater cooling systems, and sanitary and industrial wastewater treatment, power generation, transmission, and distribution to industrial, commercial, residential, and governmental sectors in Jubail and Yanbu. In November 2022, the company listed 29.24% of its shares on the Saudi Exchange in an IPO. The Royal Commission for Jubail and Yanbu, Saudi’s Public Investment Fund, the Saudi Aramco Power Company, and SABIC are the major shareholders, with 17.5% each.
Companies
Total market value
Total sales
Total profits
Total assets
2
$10.6 billion
$6.5 billion
$334 million
$8.9 billion
New
Returnees
JUNE 2023
IMAGES FROM SOURCE
TOP 100 LISTED COMPANIES
58
Burgan Bank Group
