The latest ranking of the 100 most powerful public companies in the Middle East for 2024 has been released by Forbes Middle East, highlighting the region’s top companies based on size, market value, and profitability. Despite a decline in sales and profits, the total value of assets of these companies increased by 5.4% in 2023.
The Gulf countries dominate the list, with Saudi Arabia and UAE leading the way with 31 and 32 companies respectively. Other countries represented include Qatar, Kuwait, Morocco, Bahrain, Egypt, Jordan, and Oman. The energy sector remains the most profitable sector in the region, with Saudi Aramco being the most valuable company with assets of $660.8 billion and a market value of $1.9 trillion.
The banking and financial services sector is represented by 45 banks on the list while communications and industry sectors follow closely behind. Despite global economic challenges, newcomers have emerged while some companies have dropped off due to losses incurred in 2023. The top 10 companies on the list are led by Saudi Aramco followed by National Bank of Saudi Arabia and International Holding Company.
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