UAE companies claim four spots among top ten listed firms in the Middle East

UAE companies claim four spots among top ten listed firms in the Middle East

Forbes Middle East has revealed its flagship ranking of the Middle East’s top 100 listed companies for 2023, highlighting the region’s biggest public companies.

The UAE’s International Holding Company (IHC) jumped from 12th place in 2022 to the fifth spot this year. In January 2023, it announced that it was investing $400 million into Adani Enterprises’ Further Public Offering through its subsidiary Green Transmission Investment Holding RSC Limited.

The other UAE companies in the top ten are First Abu Dhabi Bank, Emirates NBD and Taqa at eighth, ninth and tenth spots respectively.

Aramco, Saudi Basic (Sabic), Qatar’s QNB Group and Saudi National Bank make up the top four—all maintaining their ranks from 2022. Al Rajhi Bank and Saudi Electricity, at number six and seven, complete the top ten list.

To construct the list, Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on their reported sales, assets, and profits in 2022 and market value as of April 30, 2023. Companies that hadn’t disclosed their 2022 full-year audited financial statements as of April 25, 2023, were excluded. currency exchange rates were taken as of April 30, 2023.

GCC nations dominate 91 per cent of the list, with Saudi