Forbes Middle East has unveiled its list of the Middle East’s largest and most successful listed companies for 2020. The ranking is compiled from in-depth research based on data from all stock exchanges in Arab countries and analysis of market value, sales, assets, and profits.
Companies in Qatar are doing well despite the ongoing blockade and low oil prices. Qatar’s entry in the Forbes list of Top 100 Companies in The Arab World 2020 is marked by the presence of 18 companies.
The banking and financial services sector dominates the list with 46 entries, followed by the industrial sector with nine companies, and real estate and construction, and telecommunications, with eight entries each.
The Qatar National Bank (QNB) with assets worth $259.5 billion and market value worth $42.6 billion is at the second position of the list and the top listed bank in the region.
In a statement released to Forbes Middle East, QNB Acting CEO Abdulla Mubarak Al Khalifa said, “We believe that by enriching society and helping more people and businesses achieve their ambitions, we are creating a more sustainable foundation for growth.”
The highlight of this year’s list is the arrival of Saudi Aramco, making its debut in first place. The oil giant is currently the most valuable company in the world with a market value of $1.6 trillion. The 100 companies have a total of $670 billion in sales, $148 billion in net profits, $3.5 trillion in assets, and $2.3 trillion in market value.
Saudi Arabia dominates the list with 33 companies, followed by the UAE with 21 companies. Third is Qatar with 18 companies and combined value of $126.5 billion.
GCC countries make up 90 percent of the list, with Kuwait and Bahrain having seven companies each on the list and Oman having four.
Qatar Islamic Bank, Ooredoo, Commercial Bank, Industries Qatar, Qatar Insurance, Doha Bank, Nakilat, Woqod, Barwa Real Estate, Qatar International Islamic Bank, Qatar Electricity and Water Company, Ahlibank, Al Kahliji Commercial Bank and Milaha are among other prominent companies from Qatar that have found place in the list.
“Although the pandemic has sadly led to the closure of some companies, it has also opened doors of opportunity and growth for others. While the market value of many the companies on our list have dropped, they are still showing great resilience and continuity in difficult times,” Forbes Middle East Editor-in-Chief Khuloud Al Omian said.