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GCC dominates Forbes Middle East’s 2024 top 100 listed companies list

GCC dominates Forbes Middle East’s 2024 top 100 listed companies list
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Mubasher: The GCC region has reigned over Forbes' 2024 list of top 100 listed companies in the Middle East by sales, assets, and profits.

The list was led by the UAE with 32 firms, followed by Saudi Arabia with 31, according to a press release.

The ranking also included 14 Qatari companies, 10 from Kuwait, four from Morocco, three from Bahrain, and two entries each from Egypt, Jordan, and Oman.

Saudi Arabian Oil Company (Saudi Aramco) retained top spot with $660.80 billion in assets and $1.90 trillion market value.

The Saudi National Bank (SNB) and International Holding Company (IHC) came second and third, respectively.

To compile the list, Forbes Middle East collected financial data for 2023 and market capitalisation as of late April 2024 from stock exchanges across the Arab world.

Collectively, the 100 companies in Forbes’ list saw sales fall 5.10% year-on-year (YoY) to $1 trillion in 2023 from $1.10 trillion.

The companies’ net profits dropped by 13.50% YoY to $240.20 billion, while total market value declined by 4.40% YoY to $3.60 trillion as of 26 April 2024.

However, the firms' total assets increased by 5.40% YoY to $4.90 trillion for 2023.

In April 2024, Forbes Middle East revealed its ‘30 Most Valuable Banks’ ranking, with Saudi Arabia leading the list via 10 entries at an aggregated market value of $279.50 billion.