The last few months have been tough for listed businesses in the Middle East, with many experiencing a sharp drop in market value due to the coronavirus effect on stock markets worldwide.
However, by end-Q1 2020, that hadn’t seemed to have dampened things for listed companies in the Middle East. This year, with the debut of Saudi Aramco at #1 of our annual list of the Top 100 Companies In The Middle East, the ranking’s aggregate numbers reached record highs. In total, the 100 companies made $670 billion in sales and $148 billion in net profits. They have $3.5 trillion in assets, and they are worth $2.3 trillion in terms of market cap for the financial year 2019/20.
It’s worth mentioning that Saudi Aramco represents 49% of those aggregate sales, 59.6% of the net profits, 11.4% of the assets and 69.6% of the market cap. The oil giant tops the latest list after it raised $25.6 billion in the biggest IPO in history at the end of 2019.
Our Top 100 Companies In The Middle East are the largest and most profitable companies listed on the region’s stock exchanges.
Saudi Arabia dominates the list with 33 companies, followed by the U.A.E. with 21 companies. Third is Qatar with 18 companies. The banking and financial services sector dominates the list with 46 entries, followed by the industrials sector with nine companies, and real estate and construction, and telecommunications, with eight entries each.