After a bout of torrential rain, Dubai has bounced back like no other city, with automotive events being organised in full swing and big announcements being made
auto50 minutes ago
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
After a bout of torrential rain, Dubai has bounced back like no other city, with automotive events being organised in full swing and big announcements being made
auto50 minutes ago
Sounds of prayer 'hallelujah…praise the lord' filled the air as part of a religious ceremony marking the soft opening of the facility
uae57 minutes ago
Afghanistan rulers are absent at the UN Human Rights Council meeting as Taliban are not recognised by the global body
asia1 hour ago
A recognition reaffirms Alaan's status as a leader in the corporate card and expense management sector in the Middle East
kt network1 hour ago
The deluge cut off a road, uprooted trees, washed away homes and sent vehicles flying
africa1 hour ago
The Gulf countries have been working on the unified tourist visa – similar to Schengen-style visa – for over one year
uae1 hour ago
Renowned French pastry chef Angelo Musa, who recently introduced two dining concepts in Dubai, shares tips on how to excel in pastry art
entertainment1 hour ago
Sheeraz was generous in giving realistic and practical insights on how fame can completely change the trajectory of one’s career and brand
kt network1 hour ago