75 Qatar International Islamic Bank (QIIB)

• CEO: Abdulbasit Ahmed Al Shaibei

Country: Qatar Sector: Banks & Financial Services

Market Value: $4 billion Sales: $761 million

Profits: $295 milllion Assets: $15.5 billion

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 Solutions By Stc

• CEO: Omer Abdullah Alnomany

Country: Saudi Arabia Sector: Technology

Market Value: $9.1 billion Sales: $2.3 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.

77 Burgan Bank Group

• Group CEO: Antoine Daher

Country: Kuwait Sector: Banks & Financial Services

Market Value: $2.4 billion Sales: $1.4 billion

Profits: $191 million Assets: $23.4 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.

78 Marafiq

• President and CEO: Mohammed Berki Al Zuabi

Country: Saudi Arabia Sector: Utilities

Market Value: $4 billion Sales: $1.7 billion

Profits: $226 million Assets: $6.5 billion

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.

79 Zain KSA

• CEO: Sultan Bin Abdulaziz Al-Deghaither

Country: Saudi Arabia Sector: Telecommunications

Market Value: $3.6 billion Sales: $2.4 billion

Profits: $147 million Assets: $7.6 billion

Zain KSA provides telecom services, 5G networks, digital payment services, cloud computing, IoT solutions, fiber services, drones, and digital entertainment to 8.6 million subscribers in Saudi Arabia. It is a subsidiary of the Zain Group. In 2022, Zain KSA approved the sale of its 80% majority stake in 8,069 passive tower infrastructure for $807 million to a PIF-led consortium. In 2023, Zain KSA signed an agreement with Shareek to launch a number of hyper-scale data centers to drive the kingdom’s transition into the digital economy.

80 Arab Potash Company (APC)

• President and CEO: Maen F. Nsour

Country: Jordan Sector: Industrials

Market Value: $3.8 billion Sales: $1.8 billion

Profits: $847 million Assets: $2.9 billion

APC is one of the largest potash producers worldwide and the only producer of potash in the Arab world. In 2022, the company produced 2.684 million tons of potash, and its net profit increased by 177% to $847 million, the highest net profit in APC’s history. The company’s whollyowned subsidiaries include KEMAPCO and Numeira. APC also holds stakes in Jordan Bromine, Jordan Industrial Ports, and Nippon Jordan Fertilizer. Man Jia Industrial Development is the major shareholder, with a 28% stake.

81 Gulf Bank

• Acting CEO & Deputy CEO: Waleed Mandani

Country: Kuwait Sector: Banks & Financial Services

Market Value: $3 billion Sales: $925 million

Profits: $202 million Assets: $22.4 billion

Established in 1960, Gulf Bank today operates over 50 branches across Kuwait. In January 2023, Gulf Bank and Kamco Invest issued a KWD-dominated corporate bond worth nearly $537 million for the Kuwait Projects Company (Holding), known as KIPCO. In 2022, the bank recorded net profits of $202 million, an increase of 46.8% compared to 2021. Alghanim Trading Co. is the largest shareholder, with a 32.75% stake.

82 Dubai Investments

• Vice Chairman and CEO: Khalid Bin Kalban

Country: U.A.E. Sector: Investments

Market Value: $2.8 billion Sales: $1.2 billion

Profits: $426 million Assets: $5.6 billion

Dubai Investments invests in markets worldwide, including real estate, healthcare, education, finance, industrial, and retail. It has more than 34 subsidiaries and associate companies, with 3,500 people. In April 2022, Dubai Investments entered a deal to divest a 50% stake in Emirates District Cooling to Actis at a corporate valuation of $1 billion. In January 2023, the company acquired a 9% equity stake in U.K.-based Monument Bank Limited. The Investment Corporation of Dubai is the major shareholder, with an 11.5% stake.

83 Qnb Alahli

• CEO: Mohamed Bedeir

Country: Egypt Sector: Banks & Financial Services

Market Value: $1.3 billion Sales: $1.6 billion Profits: $335 million Assets: $15.6 billion

In 2013, Qatari QNB Group acquired the majority stake in Egypt’s NSGB Bank and changed its name to QNB ALAHLI. Today, it owns a 94.97% stake in QNB ALAHLI. It provides services for 1.4 million customers through a network of 232 branches in Egypt, 893 ATMs, and 56,000 POS. QNB ALAHLI has four subsidiaries: QNB ALAHLI Leasing, QNB ALAHLI Life Insurance, QNB ALAHLI Asset Management Egypt Company, and QNB ALAHLI Factoring. In March 2023, the bank launched its first green retail-financing program in cooperation with the European Bank for Reconstruction and Development, the European Union, and the Green Climate Fund.

84 Multiply Group

• Group CEO & Managing Director: Samia Bouazza

Country: U.A.E. Sector: Investments

Market Value: $10.2 billion Sales: $306 million

Profits: $5.1 billion Assets: $11.2 billion

Multiply Group is a subsidiary of IHC. It was listed on ADX in December 2021. Multiply Group has two arms, Multiply and Multiply+. Multiply operates and invests in four verticals, including mobility, energy and utilities, media and communications, and beauty and wellness, while Multiply+ is its investment arm. In April 2023, Multiply Group signed a binding agreement to acquire a 55% majority stake in Media 247 for $50 million. In 2022, it acquired 80% of International Energy Holding LLC for $381.5 million. The group’s investments include stakes in Emirates Driving Company, Viola Communications, TAQA Group, DEWA, Borouge, and Getty Images.

85 Barwa Real Estate Group

• Group CEO: Abdulla Jobara Alromaihi

Country: Qatar Sector: Real Estate & Construction

Market Value: $2.7 billion Sales: $710 million

Profits: $316 million Assets: $11 billion

Barwa obtained its commercial license in November 2005. Qatari Diar Real Estate Company, owned by Qatar Investment Authority, is the biggest shareholder of Barwa, with a 45% stake. In 2022, Barwa sold its 24.4% stake in the Al Imtiaz Investment Group for $103 million. The company owns a 20% stake in the QSE’s recently listed Damaan Islamic Insurance Company, “BEEMA.” In 2022, Barwa’s land bank hit 5.5 million square meters, with 5.4 million square meters in Qatar, where 80% of it is owned. Its portfolio includes 14,069 residential units and villas and more than 448,000 square meters for warehouses and workshops.

86 Yanbu National Petrochemical Company (YANSAB)

• President and CEO: Mohammed A. Bazaid

Country: Saudi Arabia Sector: Petrochemicals

Market Value: $6.7 billion Sales: $1.9 billion

Profits: $110 million Assets: $4.4 billion

YANSAB manufactures petrochemical products in its complex in YANBU Industrial City. The company is 51% owned by SABIC. It aims to reduce its CO2 emissions by at least 20% by 2030, in line with the Saudi Green Initiative. The company announced the reopening of its Turnaround complex in March 2023 after completing its biggest maintenance exercise since starting commercial operations in 2010. The financial impact of the 52-day activity is estimated at $102.7 million, affecting its Q1 and Q2 2023 results.

87 The Company for Cooperative Insurance (Tawuniya)

• Acting CEO: Othman Yousef Alkassabi

Country: Saudi Arabia Sector: Insurance

Market Value: $3.5 billion Sales: $3 billion

Profits: $104 million Assets: $5 billion

Tawuniya offers more than 60 types of insurance to its customers in Saudi Arabia, including medical, motor, fire, property, engineering, casualty, marine, aviation, Takaful, and liability insurance. The company’s whollyowned subsidiaries include Teejan Al- Khaleej and Tree Digital Company, while it holds a 50% stake in United Insurance Company and a 45% stake in Waseel Application Service Provider Limited. The General Organization for Social Insurance owns 25.9% of Tawuniya.

87 Air Arabia

• Group CEO: Adel Abdullah Ali

Country: U.A.E. Sector: Aviation

Market Value: $2.8 billion Sales: $1.4 billion

Profits: $333 million Assets: $3.9 billion

Air Arabia operates a fleet of 68 Airbus A320 and A321 aircraft to over 190 routes across the Middle East, Africa, Asia, and Europe. In 2022, the company added 24 new routes to its global network and served more than 12.8 million passengers from its seven hubs in the U.A.E., Morocco, Egypt, Armenia, and Pakistan, an increase of 90% compared to 6.8 million passengers in 2021. As a result, the company’s net profit increased by 69.8% to $333 million. Sharjah Asset Management Company is the largest shareholder in the company, with an 18.6% stake.

89 Doha Bank

• Acting CEO: Gudni Stiholt Adalsteinsson

Country: Qatar Sector: Banks & Financial Services

Market Value: $1.3 billion Sales: $1.3 billion

Profits: $210 million Assets: $26.8 billion

Established in 1979, Doha Bank serves more than 470,000 active customers. It has overseas branches in Kuwait, the U.A.E., and India and representative offices in Japan, China, Singapore, South Africa, South Korea, Australia, Türkiye, the U.K, Canada, Germany, Bangladesh, Sri Lanka, and Nepal. In January 2023, the bank launched its Q-Trade platform to allow customers to buy and sell stocks listed on the Qatar Stock Exchange. The Qatar Investment Authority holds a 17.15% stake.

90 Commercial Bank of Kuwait (Al-Tijari)

• CEO: Elham Yousry Mahfouz

Country: Kuwait

Sector: Banks & Financial Services

Market Value: $3.3 billion Sales: $605 million

Profits: $240 million Assets: $14.1 billion

The Commercial Bank of Kuwait is the second oldest bank in Kuwait, operating through banking and investment activities. It also provides brokerage services through its subsidiary, the Al-Tijari Financial Brokerage Company. Al Sharq Holding Company owns 23.9% of the bank. It has an 7.3% stake in Boubyan Bank as of April 9, 2023.

91 Kuwait Projects Company (Holding) -KIPCO

• Group CEO: Dana Nasser Al Sabah

Country: Kuwait Sector: Investments

Market Value: $2.2 billion Sales: $3.5 billion

Profits: $54 million Assets: $37.3 billion

KIPCO is a holding company that focuses mainly on investments in financial services, media, and real estate. It lately expanded into new sectors, including energy, foodstuff, healthcare, manufacturing, and logistics. In November 2022, KIPCO completed its merger by amalgamation with Qurain Petrochemical Industries, bringing the total issued capital to $1.64 billion. In April 2023, the company signed a binding agreement to sell its 46.32% stake in Gulf Insurance Group to Fairfax Financial Holdings for $860 million. KIPCO’s subsidiaries include Burgan Bank, United Real Estate Company, and Jassim Transport & Stevedoring Company.