June 4, 2021

Top 100 Companies in the Middle East

Last year was a tough one for companies worldwide, with almost every sector suffering a hit from the pandemic. This has reflected on their performance, and executives have had to make hard decisions that most had not faced before. The Middle East was no exception.

It is within this context that we release our annual ranking of the top 100 listed companies in the Middle East for 2021, featuring the biggest and the most valuable and profitable companies in the region.

Most are not as valuable or profitable as they were last year. The aggregate sales of the 100 companies in 2021 stand at $550 billion, while aggregate net income reached $91 billion—a drop of 17.9% and 38.5%, respectively, compared to the 2020 list. It’s worth noting that revenues had also decreased in last year’s list for 57% of the companies, with 67% showing a decrease in net income.

On the brighter side, companies’ stocks are showing a rebound this year as more positive sentiment hits the markets. Business leaders are expecting better performance in 2021 compared to 2020. As a result, the aggregate market value of the 100 companies stands at $3 trillion, an increase of 30.4% compared to a year ago. The aggregate value of assets increased 2.9% to reach $3.6 trillion. In total, 93% of the companies showed an increase in their market value compared to 2020, and 62% of the companies were able to increase the value of their assets.

Saudi Arabia dominates the list with 37 companies led by Saudi Aramco at #1, followed by the U.A.E. with 20 companies led by the First Abu Dhabi Bank at #4. In third place is Qatar, with 17 companies led by QNB at #2.

The banking and financial services sector is the most represented in the list with 42 entries. Five of the top 10 companies are banks.The real estate and construction and industrials sectors are joint second with 10 entries each. Telecommunications is third with nine entries.

Methodology

We collected data from listed stock exchanges in the Arab countries and ranked companies based on:

• Market value

• Sales

• Assets

• Profits

Listed subsidiaries of other listed companies were excluded. We also excluded companies that hadn’t disclose their 2020 audited financial statements as of May 3, 2021. Currency exchange rates and market cap calculations were taken as of April 29, 2021.

Saudi Aramco
Saudi Aramco
QNB Group
QNB Group
The Saudi National Bank
The Saudi National Bank
First Abu Dhabi Bank
First Abu Dhabi Bank  (FAB)
Emirates NBD
Emirates NBD
Al Rajhi Bank
Al Rajhi Bank
Saudi Electricity
Saudi Electricity
stc
Saudi Telecom Company (stc)
Etisalat Group
Etisalat Group
TAQA Group
TAQA Group
SABIC
SABIC
Riyad Bank
Riyad Bank
ABCD Group
ADCB Group
Kuwait Finance House (KFH)
Kuwait Finance House (KFH)
Dubai Islamic Bank (DIB)
Dubai Islamic Bank (DIB)
Attijariwafa bank
Attijariwafa bank
Emaar Properties
Emaar Properties
Qatar Islamic Bank
Qatar Islamic Bank
Zain Group
Zain Group
Banque Saudi Fransi
Banque Saudi Fransi
Arab National Bank (ANB)
Arab National Bank (ANB)
Ooredoo Group
Ooredoo Group
Alinma Bank
Alinma Bank
Commercial International Bank (CIB)
Commercial International Bank (CIB)
Almarai
Almarai
Masraf Al Rayan
Masraf Al Rayan (MAR)
Ahli United Bank
Ahli United Bank (AUB)
Industries Qatar
Industries Qatar (IQ)
Commercial Bank
Commercial Bank
ALDAR Properties
ALDAR Properties
Banque Centrale Populaire
Banque Centrale Populaire
Arab Bank
Arab Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank (ADIB)
Etihad Etisalat (Mobily)
Etihad Etisalat (Mobily)
Bank Muscat
Bank Muscat
Savola Group
Savola Group
Bank Albilad
Bank Albilad
Agility
Agility
The Saudi Investment Bank
Saudi Investment Bank
National Shipping Company of Saudi Arabia (Bahri)
National Shipping Company of Saudi Arabia (Bahri)
Commercial Bank of Dubai (CBD)
Commercial Bank of Dubai (CBD)
Nakilat
Nakilat
Doha Bank
Doha Bank
Saudi Industrial Investment Group (SIIG)
Saudi Industrial Investment Group (SIIG)
Gulf Bank
Gulf Bank
ADNOC Distribution
ADNOC Distribution
SABB
Saudi British Bank (SABB)
Saudi Arabian Mining Co. (Ma’aden)
Saudi Arabian Mining Co. (Ma’aden)
Omantel
Omantel
International Holding Company
International Holding Company (IHC)
du
Emirates Integrated Telecommunications Company (du)
Petro Rabigh
Petro Rabigh
Qatar Fuel (Woqod)
Qatar Fuel (Woqod)
Jarir Marketing Company
Jarir Marketing Company
Dr. Sulaiman Al Habib Medical Services Group
Dr. Sulaiman Al Habib Medical Services Group
Mashreqbank PSc Group (Mashreq)
Mashreqbank Group (Mashreq)
AlBaraka Banking Group (ABG)
AlBaraka Banking Group (ABG)
Bupa Arabia for Cooperative Insurance
Bupa Arabia for Cooperative Insurance
Qatar International Islamic Bank (QIIB)
Qatar International Islamic Bank (QIIB)
Ezdan Holding Group
Ezdan Holding Group
Barwa
Barwa
Bank Aljazira
Bank Aljazira
Qatar Insurance Company (QIC)
Qatar Insurance Company (QIC)
Telecom Egypt
Telecom Egypt
Abdullah AlOthaim Markets (AlOthaim Markets)
Abdullah AlOthaim Markets (AlOthaim Markets)
Ahlibank 
Ahlibank 
Al Khalij Commercial Bank (Al Khaliji)
Al Khalij Commercial Bank (Al Khaliji)
Sipchem
Sahara International Petrochemical Co (Sipchem)
RAKBANK
National Bank of Ras Al-Khaimah (RAKBANK)
National Bank of Bahrain (NBB)
National Bank of Bahrain (NBB)
Aluminium Bahrain (Alba)
Aluminium Bahrain (Alba)
BinDawood Holding Company *
BinDawood Holding Company
LafargeHolcim Maroc
LafargeHolcim Maroc
Tawuniya
The Company for Cooperative Insurance (Tawuniya) 
Bahrain Telecommunication Company (Batelco)
Bahrain Telecommunication Company (Batelco)
Arabian Centres Company (ACC) *
Arabian Centres Company (ACC)
Bahrain and Kuwait (BBK)
Bank of Bahrain and Kuwait (BBK)
Talaat Moustafa Group Holding
Talaat Moustafa Group Holding (TMG)
DAMAC Properties*
DAMAC Properties
KIPCO Group *
KIPCO Group
Elsewedy Electric
Elsewedy Electric
Kingdom Holding Company
Kingdom Holding Company
Qatar Electricity & Water
Qatar Electricity & Water
Arab Banking Corporation (Bank ABC)
Arab Banking Corporation (Bank ABC)
Mesaieed Petrochemical Holding Company (MPHC)
Mesaieed Petrochemical Holding Company (MPHC)
Commercial Bank of Kuwait (Al-Tijari)
Commercial Bank of Kuwait (Al-Tijari)
Jabal Omar Development Company
Jabal Omar Development Company
Orascom Construction PLC
Orascom Construction PLC
Advanced Petrochemical Company
Advanced Petrochemical Company
Mouwasat Medical Services*
Mouwasat Medical Services
Southern province Cement Company (SPCC)
Southern province Cement Company (SPCC)
Sharjah Islamic Bank (SIB)
Sharjah Islamic Bank (SIB)
Arab Potash Company (APC) *
Arab Potash Company (APC)
Eastern Company*
Eastern Company
National Bank of Fujairah
National Bank of Fujairah (NBF)
Al Ahli bank of Kuwait (ABK)
Al Ahli bank of Kuwait (ABK)
Dar Alarkan
Dar Alarkan
Tasnee 
National Industrialization Co. (Tasnee)
Tabreed *
Tabreed
Saudi Cement *
Saudi Cement
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