Forbes: top 10 companies in the Middle East
Business Chief EMEA takes a closer look at Forbes’ top 10 companies in the Middle East ranked by market value.
Sabic — US$56bn
Dating back to 1976 by Royal decree, Sabic is ranked among the world’s largest petrochemical manufacturers. Based in Riyadh, Saudi Arabia, 70% of the company is owned by the Saudi Arabian government, while the remaining 30% is publicly traded on the Saudi stock exchange.
“Our mission is to responsibly provide quality products and services through innovation, learning and operational excellence while sustaining maximum value for our stakeholders.”
Location: Saudi Arabia
Industry: industrial
Saudi Telecom — US$46.7bn
Founded in 1998, Saudi Telecom (STC) is a pioneer when it comes to digital technology. Saudi Telecom drives innovation and evolution within its operations to stay ahead of the future and drive meaning and purpose in the organisation.
STC’s vision is to be “a world-class digital leader providing innovative services and platforms to our customers and enabling the digital transformation of the MENA region,” built on a purpose to “create and bring greater dimension and richness to people’s personal and professional lives.”
Location: Saudi Arabia
Industry: telecommunications
QNB — US$42.6bn
Established in 1964, QNB became the country’s first Qatari-owned commercial bank. Its ownership is split between the Qatar Investment Authority (50%) and members of the public (50%).
QNB’s vision is to be: the institution of choice for customers, employees, investors and suppliers: to be the dominant market player; to maintain the highest credit ratings; to have strong brand recognition and high brand value; to achieve sustainable profitable growth; and to enhance shareholder value.
Location: Qatar
Industry: banking and finance
Al Rajhi Bank — US$35.9bn
Dating back to 1957, Al Rajhi Bank is one of the world’s largest Islamic banks. With more than 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name merged into ‘Al Rajhi trading and exchange corporation’ in 1978. In 1988 the bank was established as a Saudi share holding company.
Al Rajhi Bank’s vision is “to be a trusted leader delivering innovative financial solutions to enhance quality of life everywhere.”
Location: Saudi Arabia
Industry: banking and finance
Etisalat group — US$33.2bn
Dating back to 1976, Etisalat Group is one of the world’s leading telecom groups in emerging markets. Etisalat Group provides innovative solutions and services to those in the Middle East, Asia and Africa.
Etisalat Group’s vision is to drive “the Digital Future to empower societies” by providing best-in-class total customer experience domestically and internationally, as well as delivering attractive returns to shareholders, investing in its long-term future and supporting economic development in its operating markets.
Location: UAE
Industry: telecommunications
First Abu Dhabi Bank — US$28.7bn
Founded in First Abu Dhabi Bank (FAB),FAB is the one of the U.A.E.’s largest banks. FAB was formed in 2017 following the merger of the First Gulf Bank and the National Bank of Abu Dhabi. FAB provides an extensive range of tailor-made solutions, products and services, to provide a customised experience to meet the banking needs of its customers.
Location: Abu Dhabi
Industry: banking and finance
National Commercial Bank — US$27.8bn
The National Commercial Bank — founded in 1953 by royal decree — is a prominent Saudi Arabian bank and leading financial institution within the region. The bank is believed to be the largest and the first officially licensed bank to operate in Saudi Arabia.
Location: Saudi Arabia
Industry: banking and finance
Saudi electricity — US$17.7bn
Dating back to 1999, Saudi Electricity generates and distributes electricity to the Kingdom of Saudi Arabia. Saudi Electricity was formed by the Saudi government who merged all electricity distribution companies in the country to form one entity.
Location: Saudi Arabia
Industry: Utilities
National bank of Kuwait — US$15.7bn
Founded in 1952, National Bank of Kuwait was established as the first indigenous bank and the first shareholding company in the Gulf region. “The NBK vision is to be the trusted bank of choice, building on our core values, people and expertise.”
Location: Kuwait
Industry: banking and finance
Kuwait Finance House — US$14bn
Dating back to 1977, Kuwait Finance House (KFH) is believed to be a pioneer in Islamic Finance and was one of the first Islamic banks established in Kuwait.
KFH’s vision is “to lead the international development of Islamic financial services, and become the most trusted and sustainably most profitable shariah-compliant bank in the world.”
Location: Kuwait
Industry: banking and finance
For more information on business topics in Europe, Middle East and Africa please take a look at the latest edition of Business Chief EMEA.
