Dubai (Al-Ittihad) dissolved 20 Emirati companies within Forbes Middle East List For the “100 Most Powerful Companies in the Middle East for 2021”, which includes the largest, most profitable and valuable companies listed in the capital markets in the region.
Saudi Arabia dominated the list with 37 companies, led by Saudi Aramco in first place, followed by the United Arab Emirates in second place with 20 companies, led by First Abu Dhabi Bank (4). Qatar ranks third with 17 companies, led by Qatar National Bank Group (2). For the second year in a row, these countries together make up about 75% of the companies on the list.
The banking and financial services sector is the most represented in the list with 42 banks, down from 46 banks in 2020. 5 banks also came among the top 10 in the list. The real estate, construction and industry sectors came in second place with 10 companies each, while the industry and communications sector came in third place with 9 participants.
The companies listed in the current year’s list recorded consolidated sales of $550 billion, while consolidated net profits amounted to $91 billion, down 17.9 percent and 38.5 percent, respectively, compared to last year’s list.
The market value of the companies listed for the year is about $3 trillion, an increase of 30.4 percent compared to 2020. The market value of Saudi Aramco is about $1.9 trillion, which constitutes more than 60% of the total list. The combined value of assets rose 2.9 percent to $3.6 trillion.
In general, the market value of about 93% of companies increased compared to 2020, and 62% of companies were able to increase the value of their assets. Despite last year’s challenges faced by companies around the world, the year’s list included 8 newcomers.