Three UAE firms among top 500 companies in the region

Etisalat, National Bank of Abu Dhabi, and First Gulf Bank figure among the top ten of these regional corporate heavyweights identified by Forbes Middle East.

By Issac John

Published: Fri 20 Jun 2014, 10:13 PM

Last updated: Tue 7 Apr 2015, 10:27 PM

The Top 500 publicly-listed companies in the Arab world boast a combined turnover of $383.67 billion, net profits of $71.68 billion, and total assets of $2.64 trillion as of 2013.

Three UAE companies — etisalat, National Bank of Abu Dhabi, and First Gulf Bank — figure among the top ten of these regional corporate heavyweights identified by Forbes Middle East.

GCC companies dominate the lineup, with the top 10 also including four entries from Saudi Arabia, two from Qatar and one from Kuwait.

Financial performance as of December 2013 is the reference point for compiling the list. The data is based on disclosed financial statements for 2013, collated from stock markets across 11 countries in the region, Forbes Middle East said on Thursday.

The combined revenues and profits of the top 500 equate to year-on-year increases of 12 per cent and 16.2 per cent, respectively, while aggregated total assets grew 19 per cent to reach a sizable $2.64 trillion, Forbes revealed.

“Once again, topping the list is Saudi Arabia’s Sabic with $50 billion in revenues and an asset base of $90.4 billion. Saudi Telecom, which turned profit of $2.6 billion, is in second place,” Forbes Middle East said in statement.

Saudi Arabia dominates not just the top 10, but also the overall ranking. As the biggest economy in the region, the Kingdom occupies more than one-fifth of the list.

Kuwait features with the second highest number of entries this year with the National Bank of Kuwait, which is ranked 10th overall, leading the way.

From the UAE companies 74 companies enter the list, with etisalat, National Bank of Abu Dhabi and First Gulf Bank finishing in the top 10. Egypt lands in fourth place followed by Morocco, Oman, Qatar, Jordan, Bahrain, Lebanon and Iraq, respectively.

This year the industrials sector witnessed the highest number of entries with 24.2 per cent of the total lineup, followed by the banking sector with 20.2 per cent. Attesting to the region’s economic recovery, real estate companies fared well too, accounting for 10.4 per cent of entries with the UAE developer, Emaar Properties, ranked top in the category.

Industries Qatar takes the top position in Industrial sector with a market value of $31.3 billion, followed by Saudi Arabian Mining with assets of $17.1 billion.

The UAE dominates the banking sector with a total of 23 entries. QNB sits in the top spot after leading the pack in terms of revenues ($5.4 billion), assets ($121.8 billion), profits ($2.6 billion) and market value ($37.1 billion).

Amongst the 56 real estate and construction companies featured in the ranking, the UAE dominates the top 10. Four entries, including the top two, hail from the Emirates: Emaar Properties, Aldar Properties, Arabtec and Union Properties.

Qatar Electricity and Water Company tops the list in Services sector, and comes in 66th position overall.

Saudi Arabia’s Savola Group ranks number one in the food industries sector, with a market value of $9.8 billion, revenues of $7 billion and $454.5 million in profits.

A total of 31 companies from the insurance sector feature this year, led by the UAE with 13 entries. Morocco’s Wafa Assurance ranks number one with assets of $3.6 billion, profits of $95.8 million and market value of $1.4 billion.

This year, 22 investment companies make the list, with Saudi Arabia’s Kingdom Holding and Kuwait Projects taking first and second place, respectively.

In the Financial Services category, Dubai Investment presides with assets of $3.4 billion, and ranks first in terms of market value ($3.9 billion), revenues ($773.8 million) and profits ($220 million).

In Petrochemicals, Saudi Arabia dominates the top companies in the petrochemicals sector with 11 out of a total 17. Saudi giant, SABIC, secures the top spot once more, followed closely by Saudi Arabian Fertilizers.

In the retail sphere, 17 companies feature, with eight entries representing Saudi Arabia. However, top honors go to Qatar Fuel, which boasted revenues of $3.5 billion and market value of $4.4 billion last year.

Though only 15 of the 500 companies included in the ranking hail from the telecom sector, the industry has a strong presence in the overall top 10 with Saudi Telecom, Etisalat, and Ooredoo all making the cut.

In the world of transport, the UAE-based DP World takes the number one spot, with a market value of $15.1 billion, revenues of $3.1 billion and total assets of $16.8 billion.

The energy sector is well represented with 14 entries this year, of which five are from Kuwait. Saudi Arabia, Morocco and the UAE boast two entries each.

In the healthcare sector, Egypt leads with four companies closely followed by Saudi Arabia with three.

Gulf Pharmaceutical Industries clinches the number one spot with a market value of $825 million, profits of $62 million and total assets of $831 million. Al Tayyar Travel Group once again finishes on top of the hotel and tourism list, with market value of $4.6 billion and revenues of $1.7 billion.

— issacjohn@khaleejtimes.com