Sabic tops Forbes’ top 500 firms in Arab world
Dubai, June 19, 2014
Saudi Basic Industries Corporation (Sabic) has topped GCC companies in the Forbes’ list of top 500 companies in the Arab world, with $50 billion in revenues, said a report.
Saudi Telecom followed in second place among companies from a total of 11 countries in the list with combined revenues of $383.67 billion and new profits at $71.68 billion at the end of last year, said the Zawya report.
"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," Forbes Middle East was quoted as saying.
The ‘Top 500 Companies in the Arab World’ was based on disclosed financial statements from last year and featured only publicly-listed companies in the region.
The criteria considered included total revenue, net profits, total assets and market capitalisation.
Saudi Arabia dominated not just the top 10, but overall ranking, being the biggest economy in the region. The combined market value of the more than 100 companies on the Saudi Stock Exchange (Tadawul) stood at $746.33 billion, said the report.
Kuwait featured the second highest number of entried with the National Bank of Kuwait leading the way, having been ranking 10th overall.
Meanwhile, as many as 74 UAE companies entered the list with Etisalat, National Bank of Abu Dhabi and First Gulf Bank finishing in the top 10, while Egypt ranked fourth, followed by Morocco, Oman, Qatar, Jordan, Bahrain, Lebanon and Iraq.
The industrials sector recorded the highest number of entries with 24.2 per cent of the total line-up, followed by the banking sector with 20.2 per cent, said the report.
Real estate companies also fared well, accounting for 10.4 per cent entries with UAE-based developer Emaar Properties ranked top in the category, it added.