Forbes Middle East has released its annual ranking of the Top 100 Public Companies in the Middle East for 2024, highlighting the region’s strongest firms in terms of size, market value, and profitability.
Gulf companies dominate the list, accounting for 92 of the entries, led by the UAE with 32 companies, followed by Saudi Arabia with 31. The list also includes 14 Qatari companies, 10 from Kuwait, 4 from Morocco, 3 from Bahrain, and 2 each from Egypt, Jordan, and Oman. Saudi Aramco tops the ranking with total assets of $660.8 billion and a market capitalization of $1.9 trillion.
In January 2024, National Commercial Bank (Saudi Arabia) and International Holding Company (IHC) ranked second and third, respectively. The banking and financial services sector remains the most represented, with 45 banks generating $223.5 billion in revenue and total assets of around $3.3 trillion. Six of the top 10 companies operate in banking and financial services. Telecommunications comes in second with 9 companies, followed by industry with 7 companies. The energy sector, represented by 5 companies, remains the most profitable, with total earnings of $127.5 billion, largely driven by Aramco.
Despite global economic challenges last year, the 2024 list includes six newcomers: UAE-based ADNOC Gas, Borouge, PureHealth Holdings, and ADNOC Supply & Services, as well as Saudi Arabia’s Elm and Addesis Holding.
Notably, Saudi Basic Industries Corporation (SABIC), which ranked second last year, dropped out of the 2024 list after posting losses of $102.5 million in 2023, compared to $6.3 billion in profits in 2022.
Financial figures show a 5.1% decline in sales for the Top 100 companies, from $1.1 trillion in 2022 to $1 trillion in 2023, while net profits fell 13.5% to $240.2 billion and market capitalization dropped 4.4% to $3.6 trillion as of April 2024. However, total assets rose 5.4% to $4.9 trillion in 2023 compared to the previous year.
To compile the list, Forbes Middle East researchers gathered data from consolidated financial statements and stock markets, ranking companies based on equally weighted metrics: sales, total assets, reported profits for FY 2023, and market capitalization as of April 26, 2024. Companies that had not disclosed audited financial statements for 2023 by that date were excluded.
