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TOP 100 LISTED COMPANIES 2023
At this time of high inflation and global unrest, stock markets have been under pressure, with the MENA region not immune to the trajectory. In 2023, the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased marginally by 5%, from $4 trillion in 2022 to $3.8 trillion.
However, the value of the aggregate sales for these 100 companies has jumped 38.5% to $1.1 trillion, with profits increasing by 37.7% to hit $277.7 billion. The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.
GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the U.A.E. with 28, Qatar with 16, and Kuwait with nine.
The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4 billion in sales and a market value of $2.1 trillion, followed by SABIC, Qatar’s QNB Group, and the Saudi National Bank. The U.A.E.’s International Holding Company jumped from the #12 rank in the 2022 list to the fifth spot this year, with $235.9 billion in market value and total assets of $62.1 billion.
Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3 trillion in assets and generating $45.4 billion in net income. However, the energy sector— led by Aramco—generated the bulk of the profits, hitting $162.4 billion in 2022.
The 2023 list welcomes several newly-listed entities, including Qatar’s Dukhan Bank, U.A.E.-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq.
Methodology
We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported sales, assets, and profits for 2022 and market value as of April 30, 2023. Each metric was given equal weight, and companies with the same final scores were given the same rank.
We excluded companies that hadn’t disclosed their 2022 full-year audited financial statements as of April 25, 2023. Currency exchange rates were taken as of April 30, 2023.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com
1 Aramco
• President and CEO: Amin H. Nasser
Country: Saudi Arabia Sector: Energy
Market Value: $2.1 trillion Sales: $604.4 billion
Profits: $161.1 billion Assets: $664.8 billion
Aramco was the world’s largest oil company and third most valuable company as of May 15, 2023. In March 2023, the company completed the acquisition of Valvoline Global Operations for $2.65 billion. It also acquired a 10% stake in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion to expand its downstream presence in China. In April 2023, the Saudi government transferred 4% of Aramco’s shares to the kingdom’s sovereign wealth fund’s fully-owned subsidiary Sanabil Investments, while the state remains the largest shareholder, retaining 90.2%.
2 Sabic
• CEO: Abdulrahman Al-Fageeh
Country: Saudi Arabia Sector: Industrials
Market Value: $74.3 billion Sales: $52.9 billion
Profits: $6.3 billion Assets: $83.5 billion
SABIC is among the world’s largest petrochemical manufacturers, with operations in around 50 countries and a global workforce of over 31,000 people as of 2022. It works through four businesses, covering petrochemicals, agri-nutrients, specialties, and metals, with production at 65 manufacturing sites and sales across more than 100 countries. In June 2020, Aramco acquired the government’s 70% stake in SABIC for $69.1 billion. SABIC appointed Abdulrahman Al-Fageeh as CEO in March 2023.
3 QNB Group
• Group CEO: Abdulla Mubarak Al-Khalifa
Country: Qatar Sector: Banks & Financial Services
Market Value: $38.8 billion Sales: $18.4 billion
Profits: $4 billion Assets: $326.7 billion
Established in 1964, QNB is the largest bank in Qatar. It is a Qatari-owned commercial bank, with 51.9% owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers. In November 2022, QNB signed a strategic partnership agreement with SADAD Payment Solutions to develop electronic payments in Qatar. It also partnered with Ajlan & Bros Holding to develop its digital banking presence in Saudi Arabia.
4 Saudi National Bank (SNB)
• Acting CEO: Talal Ahmed Al Khereiji
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $59 billion Sales: $11.2 billion
Profits: $5 billion Assets: $252.1 billion
As of December 2022, SNB employed 15,906 people across 494 branches and 16 retail service centers in Saudi Arabia and four overseas branches in Bahrain, the U.A.E., Qatar, and Singapore. As of 2022, it had over 12.2 million customers across eight countries. SNB acquired a 9.88% stake in Credit Suisse for $1.5 billion in late 2022 but lost nearly $1.2 billion on its investment after UBS’s acquisition of Credit Suisse in March 2023. SNB says that this will have no impact on its growth plans as it constitutes less than 0.5% of SNB’s total assets and 1.7% of its investment portfolio. Saudi’s Public Investment Fund owns 37.2% of SNB.
5 International Holding Company (IHC)
• CEO and Managing Director: Syed Basar Shueb Country: U.A.E. Sector: Investments
Market Value: $235.9 billion Sales: $13.9 billion
Profits: $8.9 billion Assets: $62.1 billion
IHC was established in 1998 to help diversify and develop the non-oil commercial sectors in the U.A.E. Its investments span diversified sectors, including real estate, construction, agriculture, healthcare, food and beverage, and energy. In January 2023, IHC announced investing $400 million into the Adani Enterprises Further Public Offering through its subsidiary Green Transmission Investment Holding RSC Limited. Sheikh Tahnoon bin Zayed Al Nahyan has been the chairman of IHC since April 2020. By the end of 2022, the company had 482 subsidiaries and employed more than 85,000 people across more than 20 countries.
6 Al Rajhi Bank
• CEO and Managing Director: Waleed Abdullah
Al-Mogbel
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $82 billion Sales: $10.3 billion
Profits: $4.6 billion Assets: $203.3 billion
Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of market cap. In December 2022, Al Rajhi partnered with the Tatweer Education Technologies Company, a stateowned company specializing in educational technologies, to develop digital financial solutions for the education sector and its employees. As of December 2022, the bank had 13.3 million active customers and employed 19,964 people across 557 branches.
7 Saudi Electricity Company (SEC)
• CEO: Khaled bin Hamad Al-Gnoon
Country: Saudi Arabia Sector: Utilities
Market Value: $27.3 billion Sales: $19.2 billion
Profits: $4 billion Assets: $127.9 billion
SEC is the region’s biggest utility company, the main producer of electricity, and the sole owner of transmission and distribution networks throughout Saudi Arabia, serving around 10.9 million customers, with 298,702 gigawatts of total electricity sold in 2022. In August 2022, the company announced that it had secured $3.6 billion in financing facilities, followed by another $2.7 billion local syndicated facility in February 2023 to finance general corporate purposes, including capital expenditure. The Saudi Public Investment Fund owns a 74.3% stake in the company.
8 First Abu Dhabi Bank (FAB)
• Group CEO: Hana Al Rostamani
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $42.7 billion Sales: $10.4 billion
Profits: $3.7 billion Assets: $302.3 billion
FAB, the U.A.E.’s largest bank, was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016. It has a presence in 20 markets, with more than three million U.A.E. customers and 6,765 employees globally, as of December 2022. In 2022, FAB facilitated over $7 billion in financing for sustainable projects across the energy supply, buildings, transportation, waste, water, and food sectors. In December 2022, FAB’s Magnati collaborated with PayRow Net to establish a digital payment platform for Dubai’s Ports Sector.
9 Emirates NBD
• Group CEO: Shayne Nelson
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $24.3 billion Sales: $12.8 billion
Profits: $3.5 billion Assets: $202 billion
Emirates NBD was formed in 2007 by a merger between Emirates Bank International and the National Bank of Dubai. In 2022, it served over 17 million customers in 13 countries in the MENAT region through a network of 879 branches. In
February 2023, Emirates
Islamic, the Islamic subsidiary of Emirates NBD Group, issued a dirhamdenominated sukuk valued at $272.5 million, following its $272.5 million dirhambond sale in January 2023. The Government of Dubai owns 55.8% of Emirates NBD through the Investment Corporation of Dubai.
10 TAQA Group
• Group CEO and Managing Director: Jasim Husain
Thabet
Country: U.A.E. Sector: Utilities
Market Value: $99.5 billion Sales: $13.6 billion
Profits: $2.2 billion Assets: $49.4 billion
Established in 2005, TAQA Group became one of the largest integrated utility companies in the EMEA region in 2020 when it merged with the Abu Dhabi Power Corporation (ADPower), taking over most of its power and water generation, transmission, and distribution assets. Today, the group has a presence in 11 countries, including the U.A.E., Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the U.K., and the U.S. In January 2023, TAQA joined ADNOC Distribution to establish a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure in the U.A.E. In February 2023, TAQA Group acquired a 5% stake in ADNOC Gas.
11 stc Group
• Group CEO: Olayan Mohammed Alwetaid
Country: Saudi Arabia Sector: Telecommunications
Market Value: $59.2 billion Sales: $18 billion
Profits: $3.3 billion Assets: $36.6 billion stc Group is one of the largest telecom operators in Saudi Arabia. The group increased its capital from $5.3 billion to $13.3 billion in July 2022 through the issuance of bonus shares. In October 2022, stc received a non-binding offer from Saudi’s Public Investment Fund, which owns a 64% stake in the group, to buy 51% of stc’s subsidiary, Telecom Towers Company (TAWAL), at a valuation of $5.9 billion. As of May 2023, the stc Group had invested more than $933.3 million in social, educational, and health initiatives.
12
e&
• Group CEO: Hatem Dowidar
Country: U.A.E. Sector: Telecommunications
Market Value: $56.8 billion Sales: $14.3 billion
Profits: $2.9 billion Assets: $39.5 billion
Emirates Telecommunications Group was established as Emirates’ telephone company and rebranded to e& in 2022, as it transformed into a technology and investment group. It serves 164 million subscribers across 16 countries in the Middle East, Asia, and Africa. In April 2023, the group signed a binding agreement with Uber Technologies to acquire a majority stake of 50.03% in Careem’s super-app business in exchange for an investment of $400 million in the company. In 2023, the group increased its stake in Vodafone Group to 14.6%, with the Group CEO Hatem Dowidar joining the Vodafone board as a nonexecutive director.
13 Alpha Dhabi Holding (ADH)
• Group CEO and Managing Director: Hamad Al Ameri
Country: U.A.E. Sector: Investments
Market Value: $59.9 billion Sales: $10.9 billion
Profits: $2.9 billion Assets: $35.7 billion
A subsidiary of IHC, ADH has more than 150 subsidiaries across healthcare, renewable energy, petrochemical, real estate, construction, and hospitality. In January 2023, Alpha Dhabi and Mubadala formed a joint venture to co-invest up to $2.5 billion in global credit markets over the next five years. In April 2022, Alpha Dhabi increased its shareholding of Aldar, becoming its parent company. The company held 31.63% of Aldar as of 2022 end. As a result of the company’s acquisition activity, its total assets jumped by 176.7% to $35.7 billion in 2022.
14 Kuwait Finance House (KFH)
• Acting Group CEO and Group Chief Treasury and Financial Institutions Officer: Abdulwahab Iesa Alrushood
Country: Kuwait Sector: Banks & Financial Services
Market Value: $35.4 billion Sales: $5.2 billion
Profits: $1.4 billion Assets: $120.7 billion
KFH was the first Islamic bank to be established in Kuwait in 1977. Today, it has operations in 10 countries with 631 branches. In 2022, KFH acquired Ahli United Bank Bahrain for $10.9 billion, bringing its total assets to $120.7 billion, up from $71.4 billion in 2021. It also became dual-listed on both the Boursa Kuwait and the Bahrain Bourse. Kuwait’s government owns 38.4% of KFH’s shares through the Kuwait Investment Authority, the Public Institution for Social Security, the Public Authority for Minors Affairs, and the Kuwait Awqaf Public Foundation.
15 Saudi Arabian Mining Company (Ma’aden)
• CEO: Robert Wilt
Country: Saudi Arabia Sector: Industrials
Market Value: $45.5 billion Sales: $10.7 billion
Profits: $3.2 billion Assets: $29.8 billion
Ma’aden is the largest mining company in the Middle East. It is 67.2% owned by Saudi’s Public Investment Fund. In January 2023, the company signed two joint venture agreements with Barrick Gold (Singapore) and Barrick Gold (T7), affiliates of Barrick Gold Corporation, to explore Jabal Sayid South and Umm Ad Damar. In February 2023, Ma’aden’s board of directors recommended raising the capital by $3.3 billion, a 50% increase. The capital increase should be approved by competent authorities and an extraordinary general assembly in June 2023.
16 Dubai Electricity and Water Authority (DEWA)
• CEO and Managing Director: Saeed
Mohammed Al Tayer
Country: U.A.E. Sector: Utilities
Market Value: $33.8 billion Sales: $7.4 billion
Profits: $2.2 billion Assets: $49.2 billion
DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA’s subsidiary, EMPOWER, was listed on the DFM in November 2022. The group also includes Mai Dubai, Digital DEWA, and Etihad ESCO. As of 2022, the company’s installed generation capacity stood at 14.5 GW, with two GW of this capacity representing renewable energy. Its installed desalinated water production capacity stood at 490 MIGD. In 2022, DEWA’s electric vehicle charging network expanded to 350 chargers with 620 charge points across Dubai, and it plans to grow this network to 1,000 chargers by 2025.
17 ADCB Group
• Group CEO: Ala’a Eraiqat
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $17.6 billion Sales: $5.6 billion
Profits: $1.8 billion Assets: $135.5 billion
The ADCB group was formed in 2020 through the merger of the Abu Dhabi Commercial Bank and the Union National Bank and the acquisition of the Al Hilal Bank. Today, it has over 115 branches and employs more than 8,400 people across the U.A.E., Egypt, and Kazakhstan. In September 2022, ADCB raised $500 million with its debut green bond to support the financing of low-carbon initiatives. In January 2023, it signed the U.A.E. Climate-Responsible Companies Pledge. The Mubadala Investment Company owns 60.20% of the group through its whollyowned subsidiary, the One Hundred and Fourteenth Investment Company.
18 Riyad Bank
• CEO: Tareq Al-Sadhan
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $24.1 billion Sales: $4.7 billion
Profits: $1.9 billion Assets: $95.9 billion
National Bank of Kuwait (NBK)
18
• Vice Chairman and Group CEO: Isam Jasem Al-Sager
Country: Kuwait
Sector: Banks & Financial Services
Market Value: $26 billion Sales: $4.9 billion
Profits: $1.7 billion Assets: $118.7 billion
Established in 1952, NBK operates through 138 branches across 13 countries, of which seven are in the Middle East. NBK also offers alternative investments through its NBK Capital subsidiary, which as of November 2022, had executed over $91 billion worth of investment banking mandates since its establishment in 2005. Under the bank’s pledge to achieve carbon neutrality by 2060, it installed 12 electric vehicle charging stations at different levels of the multi-story car park attached to its green headquarters in 2022. The bank also joined the United Nations Global Compact in February 2023.
Riyad Bank has 338 branches in Saudi Arabia, one in the U.K., an agency in the U.S., and a representative office in Singapore. The bank employs over 5,593 people. Its profits grew by 16.5% in 2022 to $1.9 billion, while its total assets hit $95.9 billion, an increase of 10.4% compared to 2021. In October 2022, it completed the issuance of a SAR-denominated additional tier 1 capital sukuk worth $1 billion. Saudi’s Public Investment Fund is the bank’s largest shareholder, with a 21.8% stake.
20
Saudi Awwal Bank (SAB
• Managing Director and CEO: Tony Cripps
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $19.8 billion Sales: $3.6 billion
Profits: $1.3 billion Assets: $83.9 billion
SABB was established in 1978 as a Saudi joint-stock company. In 2019, it merged with Alawwal Bank and changed its name to Saudi Awwal Bank (SAB – لولأا) in April 2023. It provides financial and banking services through 109 branches. The bank serves 1.3 million retail customers. In September 2022, the bank completed the sale and transfer of certain lines of business from HSBC Saudi Arabia to the Alawwal Invest Company in a deal valued at $320.9 million. The HSBC Group owns 31% of the bank.
21 Emaar Properties
• Founder and Managing Director: Mohamed Alabbar
Country: U.A.E. Sector: Real Estate & Construction
Market Value: $14.3 billion Sales: $6.8 billion
Profits: $2.2 billion Assets: $36 billion
Emaar Properties is among the largest real estate companies in the Middle East. It developed Dubai Downtown, home to the Burj Khalifa and Dubai Mall. Emaar has operations in Egypt, India, Pakistan, Türkiye, and Saudi Arabia. In August 2022, the company fully acquired Dubai Creek Harbour from Dubai Holding for $2 billion, paid equally in cash and shares of Emaar Properties, making Dubai Holding the second largest shareholder of Emaar with a 7.5% stake.
22 Dubai Islamic Bank (DIB)
• Group CEO: Adnan Chilwan
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $11 billion Sales: $3.8 billion
Profits: $1.5 billion Assets: $78.5 billion
DIB is one of the largest Islamic banks in the Middle East, with more than five million customers globally and over 10,000 employees. In 2022, DIB’s net profit grew by 26% to reach $1.5 billion, marking the highest net income in its history. In February 2023, DIB issued a $1 billion sustainable sukuk, following the issuance of a $750 million sustainable sukuk in November 2022. In January 2023, DIB launched Islamic auto financing for Tesla customers in the U.A.E. DIB acquired Noor Bank in a share swap deal in 2020. The Investment Corporation Of Dubai is DIB’s largest shareholder, with a 28% stake.
23 Industries Qatar (IQ)
• Chairman and Managing Director: Saad Sherida Al-Kaabi
Country: Qatar Sector: Industrials
Market Value: $21.5 billion Sales: $5.2 billion
Profits: $2.4 billion Assets: $12.4 billion
IQ was incorporated as a Qatari joint stock company in 2003. The IQ Group currently owns 80% of the Qatar Petrochemical Company and 50% of the Qatar Fuel Additives Company Limited. It also wholly owns the Qatar Steel Company and the Qatar Fertilizer Company. In August 2022, the company signed a $1.06 billion agreement to build the world’s largest blue ammonia facility (Ammonia-7) by the Qatar Fertilizer Company.
24 Attijariwafa bank
• Chairman and CEO: Mohamed El Kettani
Country: Morocco Sector: Banks & Financial Services
Market Value: $8.6 billion Sales: $4.5 billion
Profits: $740 million Assets: $62.6 billion
Attijariwafa bank is the largest bank in Morocco and one of the largest in Africa. As of April 2022, it had 10.6 million customers, with operations in 26 countries. The group expanded its footprint in 2022, launching a subsidiary in Chad called Attijari bank Tchad and opening a representative office in China. In June 2022, it partnered with Finastra to take part in “Hack to the Future,” an international Fintech movement that aims to establish sustainable and inclusive finance.
24 Alinma Bank
• CEO: Abdullah Ali Al Khalifa
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $17 billion Sales: $2.7 billion
Profits: $960 million Assets: $53.4 billion
Established in 2006, Alinma Bank recorded $53.4 billion in total assets in 2022, an increase of 15.5% compared to 2021, while its net income grew 32.8% to $960 million. By the end of 2022, Alinma was serving 3.93 million customers in Saudi Arabia. In February 2023, the bank’s board of directors approved the purchase of a maximum of five million of its shares to be allocated within the Employee Stock Long-Term Incentive Plan. Saudi’s Public Investment Fund is the bank’s largest shareholder, with a 10% stake.
26 Banque Saudi Fransi (BSF)
• CEO: Bader Alsalloom
Country: Saudi Arabia
Sector: Banks & Financial Services
Market Value: $12.4 billion Sales: $2.8 billion
Profits: $953 million Assets: $61.9 billion
BSF was known as the French Banque de l’Indochine et de Suez until 1977 when foreign banks in Saudi Arabia were nationalized. The bank has 82 branches and employs 3,105 people across Saudi Arabia. In November 2022, BSF issued $700 million in USDdenominated notes under the mediumterm note program. The bank’s total assets reached $61.9 billion in 2022. Prince Alwaleed bin Talal’s Kingdom Holding Company is the bank’s largest shareholder, with a 16.2% stake.
27 Qatar Islamic Bank (QIB)
• Group CEO: Bassel Gamal
Country: Qatar Sector: Banks & Financial Services
Market Value: $11.6 billion Sales: $2.5 billion
Profits: $1.1 billion Assets: $50.5 billion
Established in 1982, QIB has 23 branches in Qatar and one branch in Sudan, with investments in the U.K. and Lebanon. The group has stakes in a number of Qatari Shariahcompliant financial services companies, including QInvest, Beema, and Al Jazeera Finance. In October 2022, QInvest and the Qatar Insurance Company established the Epicure Islamic Investment Management Company in Qatar. QIB’s net profit grew by 12.7% to hit $1.1 billion in 2022, while its total assets stood at $50.5 billion, a 5.1% decrease compared to 2021. The Qatar Investment Authority is QIB’s largest shareholder, with a 17.2% stake.
28 Arab National Bank (ANB)
• CEO and Managing Director: Obaid Alrasheed
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $11.1 billion Sales: $2.6 billion
Profits: $818 million Assets: $56.7 billion
Established in 1979, ANB has 127 branches and 75 remittance centers in Saudi Arabia and one branch in the U.K. It recorded net profits of $818 million in 2022, an increase of 41.2% compared to 2021. The bank’s total assets also grew by 10.5% to $56.7 billion. Its subsidiaries include ANB Capital, which provides financial advisory, asset management, and brokerage services, among others. The Jordanbased Arab Bank owns 40% of ANB’s shares.
30 Ooredoo Group
• Managing Director and Group CEO: Aziz Aluthman Fakhroo
Country: Qatar Sector: Telecommunications
Market Value: $8.4 billion Sales: $6.2 billion
Profits: $758 million Assets: $17 billion
Ooredoo is the largest telecom company in Qatar. It was founded in 1949 as Qatar National Telecom Service, which built the first telephone exchange in Doha. In 2022, the group had a customer base of 56 million. In January 2022, Ooredoo Group and CK Hutchison completed a $6 billion merger of their telecommunication units in Indonesia, forming the second-biggest mobile telecoms company in the country. The Qatar Investment Authority is the major shareholder of Ooredoo, with a 53.49% stake.
29 Mashreq
• Group CEO: Ahmed Abdelaal
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $6.6 billion Sales: $3.4 billion
Profits: $1 billion Assets: $54.1 billion
Founded in 1967 by the Al Ghurair Group, Mashreq currently has branches in the U.A.E., Bahrain, Kuwait, Egypt, Hong Kong, India, Qatar, the U.K., and the U.S. In June 2022, Mashreq issued $300 million in additional tier 1 notes. In November 2022, it signed a strategic partnership with Bank Al Habib Limited Pakistan to offer free remittance transfers from the U.A.E. to Pakistan. The bank’s net profits jumped by 252% in 2022 to hit $1 billion. The Al Ghurair Group is the major shareholder in the bank through its subsidiaries, with over 70.7% ownership.
31 Aldar Properties
• Group CEO: Talal Al Dhiyebi
Country: U.A.E. Sector: Real Estate & Construction
Market Value: $11.6 billion Sales: $3 billion
Profits: $856 million Assets: $16.7 billion
Aldar Properties is one of the largest real estate developers in MENA and has been behind some iconic projects in the U.A.E., such as Yas Island, Ferrari World, and Reem Island. In 2022, the company’s total capital deployment into recurring income assets reached $2.02 billion. In July 2022, it signed an agreement with Mubadala to acquire four commercial towers in Abu Dhabi Global Market on Al Maryah Island for $1.2 billion. In December 2022, it partnered with Mubadala to acquire Al Maryah Tower, a commercial office property located on Al Maryah Island, for $122.6 million. Early in 2023, it acquired Al Fahid Island for $681.2 million. In August 2022, Apollo acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Aldar Properties, for $400 million.
32 SABIC Agri-Nutrients Company
• CEO: Abdulrahman A. Shamsaddin
Country: Saudi Arabia Sector: Industrials
Market Value: $16.9 billion Sales: $5.1 billion
Profits: $2.8 billion Assets: $7.2 billion
32 Zain Group
• Group CEO and Vice Chairman: Bader Nasser Al-Kharafi
Country: Kuwait Sector: Telecommunications
Market Value: $8 billion Sales: $5.6 billion
Profits: $733 million Assets: $16.2 billion
Zain operates in Kuwait and seven other countries in the Middle East and Africa, serving 53 million customers. The Kuwait Investment Authority owns 24.57% of the company, and Oztel Holding owns 21.9%. In January 2023, the group entered into a 15-year agreement to sell and lease back, as well as the management rights of the passive physical infrastructure of its 4,968 tower portfolio in Iraq to TASC Towers Iraq for $180 million. In February 2023, ZainTech, the ICT solutions powerhouse of Zain Group, completed the acquisition of BIOS Middle East, a provider of managed private cloud services in the region.
The SABIC Agri-Nutrients Company was formerly known as the Saudi Arabian Fertilizer Company. It provides agri-nutrient products, including urea, ammonia, and nitrogen-based inorganic products. In April 2023, it completed the acquisition of 49% stake in ETG Inputs Holdco Limited (EIHL) to benefit from EIHL’s presence across Sub-Saharan Africa. In November 2022, SABIC Agri-Nutrients and Aramco shipped the world’s first commercially accredited low-carbon blue ammonia to South Korea. The company is 50.1% owned by SABIC, while it owns 100% of National Chemical Fertilizer Co. (Ibn Al-Baytar), 50% of Al-Jubail Fertilizer Co. (Al-Bayroni), and 100% of SABIC Agri-Nutrients Investments Co.
34 Abu Dhabi Islamic Bank (ADIB)
• Group CEO: Nasser Al Awadhi
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $11.2 billion Sales: $2.1 billion
Profits: $985 million Assets: $45.9 billion
ADIB provides banking services to a million customers. It has 146 branches and employs 5,000 people across the U.A.E., Egypt, Saudi Arabia, Qatar, Sudan, Iraq, and the U.K. In January 2023, ADIB acquired 9.6 million shares in ADIB Egypt from the National Investment Bank, bringing its ownership to 52.6%. The bank has facilitated $1.7 billion in sustainable project financing and saved five million sheets of paper in 2022 through its ongoing Al Ghaf paperless program. The Emirates International Investment Company holds 39.4% of ADIB’s shares.
35 Commercial Bank
• Group CEO: Joseph Abraham
Country: Qatar Sector: Banks & Financial Services
Market Value: $6.5 billion Sales: $2.6 billion
Profits: $772 million Assets: $46.5 billion
36 Arab Bank
• CEO: Randa Sadik
Country: Jordan Sector: Banks & Financial Services
Market Value: $4.1 billion Sales: $3.5 billion
Profits: $544 million Assets: $64.5 billion
Arab Bank was established in 1930 in Palestine. It moved its headquarters to Amman in 1948. The bank operates through 73 branches in Jordan and 129 branches abroad. Its subsidiaries include Europe Arab Bank, Arab Bank Australia, Arab Sudanese Bank, and Arab Tunisian Bank. In 2022, Arab Bank’s net income grew by 73.1% to $544 million, and its total assets stood at $64.5 billion.
37 Bank Albilad
• CEO: Abdulaziz Mohammed Alonaizan
Established in 1974, Commercial Bank operates in Qatar and has a presence in Türkiye through its fully-owned subsidiary, Alternatif Bank. It owns and operates the Diners Club franchise in Qatar and Türkiye.
In June 2022, Commercial Bank closed a $750 million Asian syndicated term loan facility.
In 2022, the bank recorded $772 million in net profits, an increase of 22% compared to 2021, while its total assets hit $46.5 billion. The Qatar Investment Authority owns 16.8% of the bank.
Country: Saudi Arabia
Sector: Banks & Financial Services
Market Value: $11.1 billion Sales: $1.8 billion
Profits: $555 million Assets: $34.5 billion
Established in 2004, Bank Albilad provides Shariah-compliant banking services. It operates through 105 branches and employs 4,494 people across Saudi Arabia. The bank’s total assets were worth $34.5 billion in 2022, an increase of 16.9% compared to 2021, while its net profits increased 23.4% to $555 million.
In August 2022, Bank Albilad established the Enjaz Payment Services Company, with a share capital of $53.3 million. It also owns the Albilad Investment Company and the Albilad Real Estate Company.
38 Almarai
• CEO: Abdullah Albader
Country: Saudi Arabia Sector: Food & Beverages
Market Value: $15.7 billion Sales: $5 billion
Profits: $474 million Assets: $8.6 billion
Almarai is one of the world’s largest vertically-integrated dairy companies and one of the region’s largest food and beverage manufacturing and distribution companies. It operates in many countries, including Egypt, Jordan, the U.S., Argentina, and other GCC countries. In February 2023, Almarai’s subsidiary, Almarai Investment Holding, acquired PepsiCo’s 48% stake in International Dairy and Juice Limited (IDJ) to increase Almarai’s shareholding from 52% to 100% for $68 million. In November 2022, the company announced an investment of $1.2 billion in Saudi Arabia to expand poultry production. Saudi Arabia is the major contributor of sales for the group, followed by the U.A.E. and Egypt.
40 Etihad Etisalat Company (Mobily)
• CEO: Salman Bin Abdulaziz Al Badran
Country: Saudi Arabia Sector: Telecommunications
Market Value: $9.2 billion Sales: $4.2 billion
Profits: $442 million Assets: $10.6 billion
Mobily was the second mobile operator to be launched in Saudi Arabia. It is 28% owned by e& and has six subsidiaries in India, Saudi Arabia, the U.A.E, and Bahrain.
In March 2022, Mobily Pay received the Saudi Central Bank’s (SAMA) license to conduct payments and Electronic Wallets Businesses. By the end of 2022, Mobily expanded its 5G services to cover more than 80% of the kingdom’s six largest cities.
41 Fertiglobe
• CEO: Ahmed El-Hoshy
Country: U.A.E. Sector: Industrials
Market Value: $8.7 billion Sales: $5 billion
Profits: $1.8 billion Assets: $5.5 billion
39 Emaar Development
• CFO: Sunil Grover
Country: U.A.E. Sector: Real Estate & Construction
Market Value: $6 billion Sales: $3.1 billion
Profits: $1.2 billion Assets: $11.6 billion
Emaar Development has been part of Emaar Properties since its inception in 1997. When Emaar Properties later restructured its business, it transferred its real estate development division and activities to Emaar Development, which then went public in 2017. The company is responsible for freehold communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, and Arabian Ranches. It has a land bank of 290 million square feet in the U.A.E. Emaar Properties owns 79.2% of the company.
Established in 2019 as a strategic partnership between ADNOC and OCI Global, Fertiglobe is currently the world’s largest seaborne exporter of urea and ammonia combined and the largest producer of nitrogen fertilizers by production capacity in MENA. It operates four production facilities located across the U.A.E., Egypt, and Algeria, with an annual production capacity of 6.7 million metric tons of urea and merchant ammonia. In November 2022, the company announced the start of the first phase of the green hydrogen plant in Egypt, which is planned to deliver up to 15,000 tons of green hydrogen to produce up to 90,000 tons of green ammonia annually.
42 Banque Centrale Populaire (BCP Group)
• Chairman and CEO: Mohamed Karim Mounir
Country: Morocco Sector: Banks & Financial Services
Market Value: $4.6 billion Sales: $2.8 billion
Profits: $349 million Assets: $49.7 billion
The BCP Group has a presence in 32 countries, including 18 countries in Africa. The group serves nine million clients. In 2022, the BCP Group launched its first digital banking offering for children aged 12-17, called SWIPE. Its foundation Attawfiq Microfinance financed 142,000 people in 2022, carrying out income-generating activities worth more than $191.4 million.
43 ADNOC Distribution
• CEO: Bader Al Lamki
Country: U.A.E. Sector: Retail
Market Value: $14.9 billion Sales: $8.7 billion
Profits: $748 million Assets: $4.4 billion
ADNOC Distribution, a major fuel distributor in the U.A.E., increased its total station network to 568 stations in both the U.A.E. and Saudi Arabia by the end of 2022 after adding 68 stations during the year. The company plans to open 25-35 new stations in 2023. In February 2023, ADNOC Distribution acquired a 50% stake in TotalEnergies Marketing Egypt for over $200 million. In 2023, the company agreed with TAQA Group to establish a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure in the U.A.E. Abu Dhabi National Oil Company (ADNOC) is the parent company of ADNOC Distribution, with an 77% stake.
44 Masraf Al Rayan
• Group CEO: Fahad Al Khalifa
Country: Qatar Sector: Banks & Financial Services
Market Value: $6.7 billion Sales: $2 billion
Profits: $375 million Assets: $46 billion
Established in 2006, Masraf Al Rayan is a Shariah-compliant bank with a presence in Qatar, the U.K., the U.A.E., and France. In April 2022, Masraf Al Rayan announced the launch of its sustainable financing framework to offer ESG-linked funding opportunities to investors. The bank completed its merger with the Al Khaliji Commercial Bank in 2021, marking the first merger of publicly-listed banks in Qatar. The Qatar Investment Authority owns 15.9% of the bank.
45 Bank Muscat
• CEO: Waleed Khamis Al Hashar
Country: Oman Sector: Banks & Financial Services
Market Value: $5.3 billion Sales: $1.9 billion
Profits: $521 million Assets: $33.2 billion
Established in 1982, Bank Muscat operates in six countries, with 173 branches in Oman, one branch each in Saudi Arabia and Kuwait, and three representative offices in the U.A.E., Singapore, and Iran. The bank is the largest in Oman by total assets, which stood at $33.2 billion in 2022. It has 2.4 million customers. In October 2022, the bank sold its 27.29% stake in SICO Capital KSA (previously Muscat Capital) and acquired an additional 2.76% stake in SICO Bahrain, increasing its stake to 13.14%. The Omani bank is listed on the Muscat, London, and Bahrain Stock Exchanges.
46 ACWA Power
• CEO: Marco Arcelli Country: Saudi Arabia Sector: Utilities
Market Value: $30.5 billion Sales: $1.4 billion Profits: $394 million Assets: $13.1 billion
As a developer, investor, and operator of power generation, water desalination, and green hydrogen plants, ACWA Power is responsible for fulfilling 30% of Saudi’s water needs. In 2022, the company added 2.4 million cm3/day of water desalination capacity through four desalination plants in the kingdom, Bahrain, and the U.A.E. ACWA Power’s global network extends to 12 countries. The company’s overall portfolio of power generation and water desalination projects was worth $74.8 billion as of March 23, 2023. In February 2023, the company raised $480 million through a Sukuk offering under its $1.3 billion Sukuk program.
47 ADNOC Drilling
• CEO: Abdulrahman Abdulla Al Seiari Country: U.A.E. Sector: Energy
Market Value: $18.7 billion Sales: $2.7 billion
Profits: $802 million Assets: $5.5 billion
The ADNOC Drilling company raised its total rig fleet to 115 after adding 16 new drilling units in 2022. The new fleet additions helped boost the company’s onshore revenue by about 27% to $1.45 billion in 2022. The company aims to expand its fleet to at least 142 rigs by 2024 as part of its accelerated oil production capacity target of five million barrels per day by 2027. ADNOC owns an 84% stake in the company, while Baker Hughes Holding SPV retains its 5% shareholding of ADNOC Drilling, which debuted in ADX in October 2021 with a $1.1 billion IPO.
48 Sahara International Petrochemical Co. (Sipchem)
• CEO: Abdullah Al-Saadoon
Country: Saudi Arabia Sector: Petrochemicals
Market Value: $7.7 billion Sales: $2.7 billion
Profits: $1.1 billion Assets: $6.3 billion
Sipchem operates in the polymer and petrochemical sectors across more than 40 countries. The company’s existing manufacturing facilities produced 4,159 million metric tons of products in 2022. It has 17 subsidiaries in Saudi Arabia, the Netherlands, and Singapore, including Sipchem Chemicals Company, and Sipchem Asia PTE Ltd.
49 Commercial International Bank (CIB)
• CEO and Managing Director: Hussein Abaza
Country: Egypt
Sector: Banks & Financial Services
Market Value: $5.2 billion Sales: $2.1 billion
Profits: $523 million Assets: $20.6 billion
CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,700 people and serves two million customers across 190 branches and 21 units. In January 2023, CIB acquired the remaining 49% stake of Mayfair CIB in Kenya for a total transaction value of $40 million. CIB has several subsidiaries, including CVentures, Damietta Shipping, and Commercial International for Finance. In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E.’s ADQ— acquired an 18.6% stake in CIB for $987.5 million.
50 Aluminum Bahrain (Alba)
• CEO: Ali Al Baqali
Country: Bahrain Sector: Industrials
Market Value: $3.9 billion Sales: $4.9 billion
Profits: $1.1 billion Assets: $7 billion
Alba is the Middle East’s largest producer of aluminum, with a production of more than 1.6 million metric tonnes in 2022. The company is dually listed on Bahrain Bourse and London Stock Exchange, and it is 69.38% owned by Bahrain Mumtalakat Holding Company, while SABIC Industrial Investments Company owns 20.62%. In January 2023, Alba started its Solar Farm Project, which consists of around 11,300 solar panels to be fixed on its building over 37,000 m2, with a capacity of more than six megawatts per year. Two months later, it secured a sustainable financing loan of $4.3 million to establish its Solar Farm Project from the Bank of Bahrain & Kuwait (BBK).
51 Omantel
• CEO: Talal Said Al Mamari
Country: Oman Sector: Telecommunications
Market Value: $1.9 billion Sales: $7 billion
Profits: $724 million Assets: $20.4 billion
Omantel is a joint-stock company listed on the Muscat Stock Exchange. The company has investments in more than 20 submarine cable systems and operations in seven landing stations. It was also the first company in the GCC to lay a submarine cable in Europe. In March 2023, Omantel joined the U.A.E.’s du to build a new submarine cable named the Oman Emirates Gateway linking Oman and the U.A.E. Omantel owns a 21.9% stake in the Zain Group.
52 Maroc Telecom
• Chairman of the Managing Board: Abdeslam Ahizoune
Country: Morocco Sector: Telecommunications
Market Value: $7.1 billion Sales: $3.5 billion
Profits: $361 million Assets: $6.5 billion
Maroc Telecom is the main telecommunications provider in Morocco, with operations in 11 countries across Africa, including Benin, Burkina Faso, Côte d’Ivoire, Gabon, Mali, Mauritania, Niger, Central African Republic, and Togo. By the end of March 2023, it had more than 75 million customers. The company is listed on the Casablanca Stock Exchange and Euronext Paris. e& is the major shareholder with a 53% stake, while Morocco owns 22%.
53 Bank of Africa
• Chairman and CEO: Othman Benjelloun
Country: Morocco Sector: Banks & Financial Services
Market Value: $3.4 billion Sales: $2.2 billion
Profits: $351 million Assets: $38 billion
Bank of Africa has a presence in 32 countries throughout Africa, Europe, Asia, and North America. It employs nearly 14,900 people across 2,000 branches serving 6.6 million customers. Bank of Africa is committed to the environment and sustainable development, notably through the BMCE Bank Foundation, which promotes education and community development in rural areas in Morocco and sub-Saharan Africa.
54 Emirates Islamic
• CEO: Salah Amin
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $11.1 billion Sales: $1.1 billion
Profits: $338 million Assets: $20.4 billion
Emirates Islamic provides Shariahcompliant financial services across 42 branches in the U.A.E. In September 2022, the bank signed an MoU with B2B eMarketplace, Tradeling, to strengthen the SME economy in the U.A.E. In February 2023, the bank completed the issuance of an AED-denominated sukuk valued at $272.3 million, and launched a global FinTech accelerator campaign in collaboration with the innovation platform, Plug and Play Abu Dhabi. Emirates Islamic is 99.9% owned by Emirates NBD Group.
55 AD Ports Group
• Managing Director and Group CEO: Mohamed
Juma Al Shamisi
Country: U.A.E. Sector: Logistics
Market Value: $9.5 billion Sales: $1.5 billion
Profits: $350 million Assets: $10.5 billion
AD Ports Group’s business model includes economic cities and free zones, ports, maritime, logistics, and digital clusters. The group plans to invest over $4.1 billion from 2023 to 2027 to expand Khalifa Port and its connectivity, continue diversification, and boost remaining activities. AD Ports Group inked seven M&A transactions in 2022 totaling $1.6 billion as part of its growth strategy. It purchased an 80% stake in Dubaibased Global Feeder Shipping for $800 million. AD Ports Group became the world’s largest independent feeder company by vessels owned, with a fleet of 35 vessels. The group also plans to purchase five bulk carriers and three crude oil tankers at a total value of $260 million.
56 Agility
• CEO and Vice-Chairman: Tarek Sultan
Country: Kuwait Sector: Logistics
Market Value: $5.1 billion Sales: $2.8 billion
Profits: $284 million Assets: $10.9 billion
Agility is a public shareholding company incorporated in 1979 and listed in both Boursa Kuwait and Dubai Financial Market. The group provides logistics services, customs digitization services, remote infrastructure services, fuel logistics, and property and commercial facility management in more than 65 countries. In April 2023, Agility entered into multi-year funded equity collar agreements with Morgan Stanley Bank, Citibank, National Association, and Goldman Sachs Bank Europe SE, allowing it to drawdown up to $1.1 billion in relation to shares, representing up to 7.5 million worth of Agility’s stake in DSV. In August 2022, the company acquired a 100% equity interest in U.K.-based aviation services provider John Menzies Limited for $777 million.
57 Commercial Bank of Dubai (CBD)
• CEO: Bernd van Linder
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $3.6 billion Sales: $1.3 billion
Profits: $497 million Assets: $31.6 billion
CBD offers retail and commercial banking products and services, as well as Shariah-compliant banking services. In September 2022, it partnered with Sharaf DG Energy to enable customers to adopt clean energy by installing Solar PV Systems for their homes from Sharaf DG Energy via a sustainable and digital financing option from CBD. The Investment Corporation of Dubai is the largest shareholder in CBD, with a 20% stake.
58 Kingdom Holding Company (KHC)
• CEO: Talal Ibrahim Almaiman
Country: Saudi Arabia Sector: Investments
Market Value: $8.2 billion Sales: $665 million
Profits: $1.9 billion Assets: $14.2 billion
KHC is a global investment company with a diversified portfolio that includes flynas, Citigroup, Banque Saudi Fransi, Kingdom Hotel Investments, and Four Seasons. In 2022, KHC completed an investment program of $3.4 billion between Q2 2020 and Q2 2022. The company invested $283.5 million in the U.K.-based company Phoenix Group in 2022, in addition to $73 million in May 2023, increasing its stake from 4% to 5%.
In July 2022, it invested $269 million in M&G PLC, one of the largest insurance and asset management companies in Europe. It invested an additional $60.9 million in May 2023, increasing its ownership from 5.3% to 6.4%.
58 Savola Group
• Group CEO: Waleed Khalid Fatani
Country: Saudi Arabia Sector: Food & Beverages
Market Value: $4.5 billion Sales: $7.5 billion
Profits: $231 million Assets: $7.9 billion
Established in 1979, Savola Group operates in food and retail.
It’s retail chain Panda has 187 retail outlets, 182 in Saudi Arabia and five in Egypt. The company has a presence in nearly 50 countries. Savola owns 34.52% of Almarai, 49% of Herfy Foods Services Co., and 29.99% of Kinan International for Real Estate Development Co. In 2022, it sold its stakes in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited to Taiba Investment Company for $122.4 million.
60 Saudi Investment Bank (SAIB)
• CEO: Faisal Abdullah Al-Omran
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $4.4 billion Sales: $1.2 billion
Profits: $402 million Assets: $29.1 billion
SAIB provides investment banking services for individuals and companies, as well as stock trading and asset management, among other services. It operates through 51 branches in Saudi Arabia. In January 2023, SAIB increased the size of its tier 1 capital sukuk issuance program from $533.3 million to $1.3 billion. The bank recorded net profits of $402 million in 2022, an increase of 42% compared to 2021. The General Organization for Social Insurance is its largest shareholder, with a 25.6% stake.
61 Dukhan Bank
• Acting Group CEO: Ahmed Hashem
Country: Qatar Sector: Banks & Financial Services
Market Value: $4.6 billion Sales: $1.3 billion
Profits: $344 million Assets: $29.2 billion
Dukhan Bank was incorporated in 2008 under the name Barwa Bank and commenced operations in 2009 as a full-service Shariahcompliant bank. It rebranded to Dukhan Bank in October 2020, following a merger with the International Bank of Qatar in 2019. The bank was listed on the Qatar Stock Exchange in February 2023 with a free float of 33.34% and a market cap valuation of $6.3 billion. The General Retirement and Social Insurance Authority is its largest shareholder, with a 24.5% stake.
62 Bank AlJazira (BAJ)
• CEO and Managing Director: Naif A. Al Abdulkareem
Country: Saudi Arabia Sector: Banks & Financial Services
Market Value: $4.3 billion Sales: $1.4 billion
Profits: $296 million Assets: $30.9 billion
BAJ was created in 1975 after it absorbed the activities and services of the National Bank of Pakistan. Today, the Shariah-compliant bank has 82 branches and 54 Fawri Remittance Centres. The bank employs 2,421 people. Its subsidiaries include AlJazira Capital, the Aman Development and Real Estate Investment Company, AlJazira Securities Limited, and BAJ Sukuk Tier 1 Limited.
63 Emirates Integrated Telecommunications Company (du)
• CEO: Fahad Al Hassawi
Country: U.A.E. Sector: Telecommunications
Market Value: $6.2 billion Sales: $3.5 billion
Profits: $332 million Assets: $4.5 billion du’s mobile phone subscriber base increased by 9.4% in Q1 2023, hitting 8.2 million customers. Since its establishment in 2005, du’s key activities are offering mobile and fixed services, broadband connectivity, and IPTV services to people, homes, and businesses across the U.A.E. Emirates Investment Authority is the company’s biggest shareholder, with a 50.1% stake. In 2023, du agreed with Omantel to link Oman and the U.A.E. through a newly activated 275km international fiber optic submarine cable. The company cooperated with e& to deliver telecommunications infrastructure for Aldar Properties’ major projects as part of the Taawun infrastructure deployment initiative.
64 Dr. Sulaiman Al Habib Medical Services Group (HMG)
• Group Acting CEO and CFO: Faisal Al Nassar
Country: Saudi Arabia Sector: Healthcare
Market Value: $27.5 billion Sales: $2.2 billion
Profits: $450 million Assets: $3.4 billion
HMG started operations in 1995 as a medical complex in the Olaya area in Saudi Arabia. Today, the company has 22 medical facilities with a total of over 1,900 beds. The company’s hospitals are in Saudi Arabia, the U.A.E., and Bahrain. It also has research and development facilities in Jordan and Sri Lanka. HMG’s hospitals and medical facilities treated more than 5.3 million patients in 2022. It is establishing six projects at a total cost of $2.1 billion to add 1,556 beds to the current capacity by 2025. The company employs more than 14,000 people, including over 3,200 physicians. Faisal Al Nassar has been the Group CFO since 2011 and Group Acting CEO since November 2022.
65 Qatar Fuel (WOQOD)
• Managing Director and CEO: Saad Rashid
Al-Muhannadi
Country: Qatar Sector: Retail
Market Value: $4.5 billion Sales: $8.2 billion
Profits: $303 million Assets: $4 billion
Founded in 2002, WOQOD is the only fuel retailer in Qatar. In Q1 2023, the company increased its operating stations to 128 and installed 10 electric charging points in seven petrol stations in cooperation with KAHRAMAA. WOQOD’s subsidiaries include the Qatar Jet Fuel Company, WOQOD Vehicles Inspection, WOQOD Marine Services, and WOQOD International. QatarEnergy owns 20% of WOQOD, while the General Retirement & Social Insurance Authority has a 15.9% stake in the company. Saad Rashid Al-Muhannadi has been leading the company since April 2017.
66 National Marine Dredging Company (NMDC)
• Group CEO: Yasser Zaghloul
Country: U.A.E. Sector: Industrials
Market Value: $4.9 billion Sales: $2.9 billion
Profits: $355 million Assets: $4.4 billion
NMDC executes engineering, procurement, and construction contracts, dredging contracts, and associated land reclamation operations in the U.A.E.’s territorial waters. The company was established in 1979 in Abu Dhabi and today employs 11,908 people. Its fleet includes 27 dredges, 83 support crafts, and 19 vessels. The corporation operates in Bahrain, Egypt, Saudi Arabia, India, Kuwait, Maldives, and East Africa. In 2022, NMDC was awarded $1.5 billion in energy EPC contracts in the U.A.E. with ADNOC, as well as $680.7 million in regional projects with Aramco. The company also won a $272.3 million project for canal dredging with Egypt’s Suez Canal Authority.
67 Nakilat
• CEO: Abdullah Al-Sulaiti
Country: Qatar Sector: Logistics
Market Value: $6 billion Sales: $1.2 billion
Profits: $395 million Assets: $8.8 billion
Nakilat was established in 2004. It is a shipping and maritime company providing the transportation link in Qatar’s Liquefied Natural Gas supply chain. In March 2023, Nakilat raised its nonQatari ownership limit to 100%. Qatar Navigation (Milaha) owns 36.25% of Nakilat, while Qatar General Retirement and Social Insurance Authority has a 14.07% stake in the company. The company’s fleet comprises 69 LNG carriers, with a combined carrying capacity of more than nine million cubic meters, constituting about 10% of the global LNG fleet carrying capacity. The company jointly owns 1 FSRU vessel and four very large gas carriers, bringing the overall fleet to 74 vessels.
68
Boubyan Bank
• Vice-Chairman & Group CEO: Adel Abdul Wahab Al-Majed
Country: Kuwait Sector: Banks & Financial Services
Market Value: $8.6 billion Sales: $1 billion
Profits: $177 million Assets: $25.7 billion
Established in 2004, Boubyan Bank is an Islamic bank based in Kuwait with 48 branches and 2,266 employees. It has three subsidiaries: the Bank of London & The Middle East (BLME Holdings), Boubyan Capital Investment Company, and Boubyan Takaful Insurance Company. In 2022, the bank’s net profit reached $177 million, an increase of 13% compared to 2021.
The National Bank of Kuwait & Group owns 60.1% of Boubyan Bank’s shares as of December 2022.
69 Bupa Arabia
• CEO and Managing Director: Tal Nazer
Country: Saudi Arabia Sector: Insurance
Market Value: $7.1 billion Sales: $3.6 billion
Profits: $230 million Assets: $3.8 billion
Bupa Arabia was established in 1997 as a joint venture between the British United Provident Association Limited and Saudi’s Nazer Group. Bupa Investments Overseas Limited owns 43.3% of the company, while Saudi Nazer Group has a 7.34% stake. In March 2023, Bupa Arabia received final approval from the Saudi Central Bank (SAMA) to sell its new insurance product, “Bupa Premium Residency,” in the kingdom. On December 22, 2022, Bupa Arabia’s extraordinary general assembly approved a 25% capital increase to $400 million. In 2022, the company’s earned net premiums grew by 20% to $3.4 billion.
71 Jordan Phosphate Mines Company (JPMC)
• CEO: Abdel Wahab Al Rowwad
Country: Jordan Sector: Industrials
Market Value: $4.1 billion Sales: $2.5 billion
Profits: $1 billion Assets: $2.9 billion
JPMC has activities in mining and phosphate fertilizer manufacturing. In 2022, JPMC’s phosphate production reached 11.3 million tons through four mines located in Jordan, an increase of 12.4% compared to 2021. In 2022, the company sold its share in Arkan Company for Constructions for $7.3 million. Indian Potash Limited is the main shareholder in the company, with a 27.4% stake. In May 2022, JPMC signed agreements with a number of Indian phosphate and phosphate fertilizer companies and manufacturers worth $1.5 billion.
70 National Shipping Company of Saudi Arabia (Bahri)
• CEO: Ahmed Ali Alsubaey
Country: Saudi Arabia Sector: Logistics
Market Value: $4.1 billion Sales: $2.3 billion
Profits: $310 million Assets: $6.1 billion
Bahri is one of the largest providers of maritime services globally. It operates in oil, chemicals, logistics, dry bulk, marine, and ship management. In 2022, the group acquired an additional 40% of Bahri Bolloré Logistics, increasing its ownership to 100%. In 2023, Bahri signed an agreement with the “Shareek” program to support the company’s efforts to enter and invest in the gas transportation sector at an expected cost of $408 million. Saudi’s Public Investment Fund and Saudi Aramco Development Co are the company’s major shareholders.
72 Saudi Aramco Base Oil Company (Luberef)
• President and CEO: Tareq Alnuaim
Country: Saudi Arabia Sector: Energy
Market Value: $5.2 billion Sales: $2.8 billion
Profits: $527 million Assets: $2.3 billion
Luberef is one of the largest base oil producers in the world. It operates two production facilities in Saudi Arabia with a total annual production capacity of approximately 1.3 million metric tonnes of base oils. It also produces various by-products such as asphalt, marine heavy fuel oil, slack wax, bright stock extract, and sulfur, as well as white products such as ultra-low sulfur diesel, naphtha, and drilling fluid. At the end of 2022, the company listed 30% of its shares on the Saudi Stock Exchange in an IPO. Saudi Aramco owns 70% of Luberef’s shares. In February 2023, Luberef signed a $148 million EPC contract with Petrojet for Yanbu facility expansion (Growth II).
73 National Bank of Ras Al Khaimah (RAKBANK)
• Group CEO: Raheel Ahmed
Country: U.A.E. Sector: Banks & Financial Services
Market Value: $2.4 billion Sales: $1.1 billion
Profits: $317 million Assets: $18.1 billion
RAKBANK provides retail, commercial banking, and treasury services through a network of 20 branches. In 2022, RAKBANK joined AMF’s Buna payment platform to allow customers to send and receive cross-border multicurrency payments. It also signed an MoU with the Abu Dhabi Global Market (ADGM) in November to provide preferential banking services to ADGM-licensed entities. Around 99% of the bank’s financial transactions were processed through digital channels in 2022. RAKBANK is 49.3% owned by the government of Ras Al Khaimah. Its net profit soared by 53.4% in 2022 to hit $317 million.
74 Qatar Electricity & Water Company (QEWC)
• General Manager and Managing Director: Mohammed Nasser Al-Hajri
Country: Qatar Sector: Utilities
Market Value: $5.1 billion Sales: $748 million
Profits: $481 million Assets: $7.6 billion
QEWC was established to own and manage power generation and water desalination stations. Today, it supplies up to 55% of Qatar’s electricity and up to 73% of the country’s water. By the end of 2022, the company sold its 49% stake in Siraj Energy Company to QatarEnergy, giving QatarEnergy complete ownership of the company. In July 2022, the RasLaffan Operating Company, a fully-owned subsidiary of QEWC, acquired Qatar Holding Company’s 40% stake in Nebras Power Company for $530 million, giving QEWC full ownership of Nebras.
