First Abu Dhabi Bank, etisalat among top Arab companies

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First Abu Dhabi Bank, etisalat among top Arab companies
The telecommunications and industrial sectors came in the second and third with etisalat being the biggest telecommunications company in all metrics.

Published: Tue 20 Jun 2017, 8:00 PM

Last updated: Tue 20 Jun 2017, 10:37 PM

Seventeen UAE companies have made it on Forbes' list of the 'Top 100 Companies In The Arab World' in 2017.
First Abu Dhabi Bank, etisalat, and Emirates NBD were ranked third, fifth, and seventh on the list respectively, with Saudi giant Sabic taking the top position.
Saudi Arabia continued to dominate the list with 36 companies, while the 17 UAE companies ranked among the top 100.
With the market value of $33.7 billion the First Abu Dhabi Bank ranked third in the list.
The telecommunications and industrial sectors came in the second and third with etisalat being the biggest telecommunications company in all metrics.
According to Forbes' data, the total market value of the top 100 companies in the Arab world reached $772 billion in April 2017, gaining 12 per cent over the previous year. Although aggregate net profits decreased by 9.7 per cent to reach $52.9 billion, sales and total assets increased by 2.4 per cent and 3.8 per cent to reach $288.3 billion and $2.7 trillion respectively during 2016, as companies' operational performance was relatively stable.
Other companies from the UAE that made it on the list included Abu Dhabi Commercial Bank, Emaar Properties, DP World, Dubai Islamic Bank, Mashreq Bank, Abu Dhabi Islamic Bank and du. Forbes started with 1,300 listed companies in the Arab stock markets from Saudi Arabia, Qatar, Oman, Jordan, Egypt, Kuwait, Bahrain, the UAE, Lebanon, Morocco and Tunisia. Officials excluded publicly-traded subsidiaries of listed companies, those suspended from trading, as well as companies that didn't disclose their 2016 financial statements. As part of the selection process, four metrics were measured including market value, sales, net profits, and total assets.
The results showed that over 49 per cent of the companies are from the banks and financial services sector, which is witnessing a wave of mergers and acquisitions in the UAE, Saudi Arabia, Morocco and Egypt.
Although the Egyptian currency was hit hard last year off the back of the devaluation, Egypt holds its share in the top 100 companies in the Arab world list with three companies, as the Egyptian stock exchange gained 75 per cent, making it the biggest gainer in the Arab world. In addition, this year's list saw the inclusion of 10 new entrants: Omantel, National Bank of Bahrain, LafargeHolcim Maroc, Elsewedy Electric, Emaar The Economic City, Saudi Ground Services, Advanced Petrochemical Company, BBK, National Bank of Oman, and Mannai Corporation.
- rohma@khaleejtimes.com
 

by

Rohma Sadaqat

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