While the global economy feels the pressure of unprecedented inflation and the economic unrest caused by the ongoing war in Ukraine, the Middle East’s listed companies have been outperforming, with the top 100 listed companies pocketing $201.7 billion in total net income during 2021, an increase of over 121% compared to $91 billion in total net income in 2020.
Gulf countries have recovered fast, thanks to the surge in oil prices. Saudi Arabia dominates our list of the the Middle East’s Top 100 Listed Companies 2022 with 33 entries, followed by the U.A.E. with 25, Qatar with 16, and Kuwait with eight.
The world’s largest oil and gas giant, Saudi Aramco, tops the ranking with $400.5 billion in sales and a market value of $2.3 trillion, followed by SABIC and Qatar’s QNB Group. The banking and financial services sector is the most represented with 42 entries, but energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65% of the aggregate net income of the 100 companies.
This year’s list welcomes 24 newcomers, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dhabi, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical. With the market rebound accompanied by new mega-IPOs, the aggregate assets and market values of the 100 companies surged to hit $4.2 trillion and $4 trillion, respectively, from $3.6 trillion and $3 trillion in last year’s list. Also, the aggregate revenues of the 100 companies jumped by 44% to $794 billion, compared to $550 billion in 2020.
New entries are marked with an asterisk (*).
We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported market value, sales, assets, and profits for 2021.
Each metric was given equal weight, and companies with the same final scores were given the same rank.
We excluded companies that hadn’t disclosed their 2021 audited financial statements as of April 20, 2022. Currency exchange rates and market cap calculations were taken as of April 21, 2022.