92 National Industrialization Company (Tasnee)

• CEO: Mutlaq Al Morished

Country: Saudi Arabia Sector: Industrials

Market Value: $2.4 billion Sales: $1 billion

Profits: $290 million Assets: $6.6 billion

Tasnee was founded in 1985. It is one of Saudi Arabia’s largest industrial companies and one of the world’s largest investors in titanium dioxide.

Alwaleed bin Talal’s Kingdom Holding Company is the largest shareholder in Tasnee, with a 6.2% stake. It constitutes about 10% of the global titanium sponge production, with an annual output of 15.5 KT, which is used in aviation, nuclear submarines, missiles, and satellite industries. In Q1 2023, the company signed an MoU with the Saudi’s Ministry of Investment and Boeing to develop a titanium value chain in the Kingdom.

93 Dar Al Arkan

• Chairman: Yousef Al Shelash

Country: Saudi Arabia

Sector: Real Estate & Construction

Market Value: $4.6 billion Sales: $1 billion

Profits: $118 million Assets: $8.9 billion

Dar Al Arkan operates in Saudi Arabia, with a global presence through its international business arm, Dar Global, which manages a portfolio of at least ten projects across the Middle East and Europe. In February 2023, Dar Global was listed on the London Stock Exchange with a valuation of $600 million. In July 2022, Dar Al Arkan issued a $400 million Sukuk listed on the Euronext Dublin and Nasdaq Dubai. In November 2022, Dar Global signed an agreement with the Trump Organization to develop Trump residential villas, a hotel, and a golf course in a $4 billion AIDA project in Oman.

94 Bank ABC

• Group CEO: Sael Al Waary

Country: Bahrain Sector: Banks & Financial Services

Market Value: $809 million Sales: $2.4 billion

Profits: $209 million Assets: $36.6 billion

Bank ABC offers international wholesale banking services through a network of 145 branches across five continents and 15 countries. Following the acquisition of a 99.5% stake in BLOM Bank Egypt in 2021, the bank merged its two Egyptian subsidiaries, BLOM Bank Egypt and Bank ABC Egypt, in January 2023. In the same month, the bank closed a three-year $75 million term loan facility for the Industrial Bank of Kuwait. The bank’s net profit increased by 63.3% to $209 million in 2022. The Central Bank of Libya and the Kuwait Investment Authority are its major shareholders.

94 National Bank of Bahrain (NBB)

• Group CEO: Usman Ahmed

Country: Bahrain Sector: Banks & Financial Services

Market Value: $3.6 billion Sales: $610 million

Profits: $188 million Assets: $12.7 billion

Established in 1957, NBB operates in Bahrain, the U.A.E., and Saudi Arabia. The bank owns 78.8% of the Bahrain Islamic Bank, which operates under an Islamic retail banking license. In 2022, NBB reported a 28.5% increase in net profits to $188 million, compared to $145.9 million in 2021. It also partnered with SWIFT to introduce Swift-Go payment solutions to its customers. Usman Ahmed assumed his role as Group CEO of NBB in January 2023.

96 Americana Restaurants

• CEO: Amarpal Sandhu

Country: U.A.E. Sector: Retail

Market Value: $9 billion Sales: $2.4 billion

Profits: $263 million Assets: $1.3 billion

Americana Restaurants is one of the largest out-of-home dining and quick-service restaurant operators, with a portfolio of 12 global brands. It employs over 40,546 people. The company operates 2,228 stores across 12 countries in MENA and Kazakhstan as of Q1 2023. In December 2022, Americana Restaurants raised $1.8 billion from its IPO by selling 30% of the company’s total issued share capital. It is dual-listed on ADX and the Saudi Exchange. Adeptio AD Investments Ltd – which is equally owned indirectly by Saudi’s PIF and Mohamed Alabbar, the founder of Emaar Properties – holds a 66.03% stake in Americana Restaurants.

97 Ahlibank

• CEO: Hassan Ahmed AlEfrangi

Country: Qatar Sector: Banks & Financial Services

Market Value: $2.7 billion Sales: $630 million

Profits: $212 million Assets: $13.3 billion Ahlibank was established in 1983 as a public shareholding company. Today, it has a network of 14 branches and 89 ATMs across Qatar. In April 2022, Ahlibank and the Qatar Development Bank signed an enhanced Al Dhameen program agreement to support SMEs and micro-enterprises in Qatar. In the same month, the bank launched a new direct payment service in cooperation with the General Tax Authority to facilitate tax payments for its customers. The Qatar Investment Authority owns 47.71% of the bank.

98 Mesaieed Petrochemical Holding Company (MPHC)

• Chairman: Ahmad Saif Al-Sulaiti

Country: Qatar Sector: Petrochemicals

Market Value: $6.8 billion Sales: $490 million

Profits: $485 million Assets: $4.9 billion

Incorporated in 2013 and listed on the Qatar Stock Exchange less than one year later, MPHC operates in two segments: petrochemicals and chlor-alkali. QatarEnergy is the founder of MPHC and holds a 65.45% stake in the company. MPHC’s production facilities are mainly located in Qatar. MPHC holds 49% each in Q-Chem I and Q-Chem II and 55.2% of the issued share capital of Qatar Vinyl Company Limited (QVC). QVC is engaged in the production of a range of chlor-alkali products. It is implementing the first PVC project in Qatar with a total project cost of $279 million. The construction of the project is expected to be completed in mid-2025.

99 Qatar Navigation (Milaha)

• Interim Group CEO: Mohammed Abdulla Swidan

Country: Qatar Sector: Logistics

Market Value: $2.9 billion Sales: $903 million

Profits: $279 million Assets: $5 billion

Milaha operates through five strategic business areas: Maritime & Logistics, Capital, Gas & Petrochem, Marine & Technical Services, and Offshore Marine. In 2022, Milaha signed a five-year contract with QatarEnergy worth more than $384.6 million to provide engineering, procurement, construction, and installation services for offshore projects in Qatar. Governmentowned QatarEnergy owns 8.6% of Milaha, while it owns 36.3% of Qatar Gas Transport Company Limited (NAKILAT).

100 Emirates Steel Arkan Group

• Group CEO: Saeed Ghumran Al Remeithi Country: U.A.E. Sector: Real Estate & Construction

Market Value: $2.9 billion Sales: $2.6 billion

Profits: $139 million Assets: $3.1 billion

Emirates Steel Arkan was formed in October 2021, by the merger of Arkan Building Materials Company and Emirates Steel Industries. The Group supplies its products within the U.A.E. and exports to more than 70 markets across the U.S., Europe, Asia, the Middle East and North Africa. It’s steel and building materials have been used in some of the U.A.E’s most iconic construction projects, including the Burj Khalifa, Emirates Palace, and Etihad Towers. The Group’s net profit reached $139 million in 2022, compared to a loss of $202.8 million in 2021. Emirates Steel Arkan is majority owned by ADQ, which has a 87.5% stake.

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