At this time of high inflation and global unrest, stock markets have been under pressure, with the MENA region not immune to the trajectory.
In 2023, the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased marginally by 5%, from $4 trillion in 2022 to $3.8 trillion.
However, the value of the aggregate sales for these 100 companies has jumped 38.5% to $1.1 trillion, with profits increasing by 37.7% to hit $277.7 billion. The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.
GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the U.A.E. with 28, Qatar with 16, and Kuwait with nine.
The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4 billion in sales and a market value of $2.1 trillion, followed by SABIC, Qatar’s QNB Group, and the Saudi National Bank. The U.A.E.’s International Holding Company jumped from the #12 rank in the 2022 list to the fifth spot this year, with $235.9 billion in market value and total assets of $62.1 billion.
Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3 trillion in assets and generating $45.4 billion in net income. However, the energy sector—led by Aramco—generated the bulk of the profits, hitting $162.4 billion in 2022.
The 2023 list welcomes several newly-listed entities, including Qatar’s Dukhan Bank, U.A.E.-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq.
Methodology
We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported sales, assets, and profits for 2022 and market value as of April 30, 2023. 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 2022 full-year audited financial statements as of April 25, 2023. Currency exchange rates were taken as of April 30, 2023.
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