Sabic leads Saudi domination in Forbes 500 list
Riyadh, June 25, 2014
Saudi Arabia dominated the Forbes ranking of 'Top 500 companies in Arab world' clinching the top 10 positions with petrochemical giant Sabic leading the list with $50 billion in revenues, followed by Saudi Telecom in second place, said a report.
A total of 11 countries are represented in the list with combined revenues of $383.67 billion and net profits at $71.68 billion as of the end of December 2013, Forbes Middle East said.
"These figures 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," it said in a press release issued on Thursday.
Featuring only publicly-listed companies, the Top 500 Companies in the Arab World was based on disclosed financial statements for 2013, collated from stock markets across the region. Criteria considered when producing the list include total revenue, net profits, total assets, and market capitalization.
The top 10 included four entries from Saudi Arabia, three from the UAE, two from Qatar and one from Kuwait.
"In terms of number of entries, Saudi Arabia dominates not just the top 10, but the overall ranking. As the biggest economy in the region, the Kingdom occupies more than one-fifth of the list, with each of its 108 entries listed on the Saudi Stock Exchange, Tadawul," Forbes said.
The combined market value of the one hundred-plus companies stands at $746.33 billion, with $746.33 billion in assets and revenues of $162.06 billion."
Kuwait features with the second highest number of entries this year with the National Bank of Kuwait ranked 10th overall leading the way.
The UAE came third with 74 companies in the list including Etisalat, National Bank of Abu Dhabi and First Gulf Bank finishing in the top 10, while Egypt landed in fourth place followed by Morocco, Oman, Qatar, Jordan, Bahrain, Lebanon and Iraq respectively.-TradeArabia News Service