The Middle East’s
Top 100 Listed
Companies 2022
The Middle East’s 100 biggest listed companies pocketed $201.7 billion in total net income last year. Find out who they are and where they’re investing.
While the global economy feels the pressure of unprecedented inflation and the economic unrest caused by the ongoing war in Ukraine, the Middle East’s listed companies have been outperforming, with the top 100 listed companies pocketing $201.7 billion in total net income during 2021, an increase of over 121% compared to $91 billion in total net income in 2020.
Gulf countries have recovered fast, thanks to the surge in oil prices. Saudi Arabia dominates our list of the the Middle East’s Top 100 Listed Companies 2022 with 33 entries, followed by the U.A.E. with 25, Qatar with 16, and Kuwait with eight.
The world’s largest oil and gas giant, Saudi Aramco, tops the ranking with $400.5 billion in sales and a market value of $2.3 trillion, followed by SABIC and Qatar’s QNB Group. The banking and financial services sector is the most represented with 42 entries, but energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65% of the aggregate net income of the 100 companies.
This year’s list welcomes 24 newcomers, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dhabi, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical. With the market rebound accompanied by new mega-IPOs, the aggregate assets and market values of the 100 companies surged to hit $4.2 trillion and $4 trillion, respectively, from $3.6 trillion and $3 trillion in last year’s list. Also, the aggregate revenues of the 100 companies jumped by 44% to $794 billion, compared to $550 billion in 2020.
New entries are marked with an asterisk (*).
Methodology
We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported market value, sales, assets, and profits for 2021.
Each metric was given equal weight, and companies with the same final scores were given the same rank.
We excluded companies that hadn’t disclosed their 2021 audited financial statements as of April 20, 2022. Currency exchange rates and market cap calculations were taken as of April 21, 2022.
Top 100 Listed Companies 2022
1. Saudi Aramco
2. SABIC
3. QNB Group
4. Saudi National Bank (SNB)
5. Al Rajhi Bank
6. First Abu Dhabi Bank (FAB)
7. Saudi Electricity (SEC)
8. Emirates NBD
9. e&
10. TAQA Group
10. Saudi Telecom Company (stc)
12. International Holding Company (IHC)
13. Dubai Electricity and Water Authority (DEWA) *
14. Riyad Bank
15. ADCB Group
15. National Bank of Kuwait (NBK)
15. Saudi Arabian Mining Company (Ma’aden)
18. Kuwait Finance House (KFH)
19. Emaar Properties
20. Dubai Islamic Bank (DIB)
20. Alpha Dhabi Holding (ADH)*
22. Saudi British Bank (SABB)
23. Attijariwafa bank
24. Industries Qatar (IQ)
25. Qatar Islamic Bank (QIB)
26. Banque Saudi Fransi (BSF)
27. Alinma Bank
28. Zain Group
29. Petro Rabigh
30. Arab National Bank (ANB)
31. Commercial Bank
32. Ahli United Bank (AUB)
33. Masraf Al Rayan
34. Aldar Properties
35. Abu Dhabi Islamic Bank (ADIB)
36. Ooredoo Group
37. Emaar Development *
38. Almarai
39. Commercial International Bank (CIB)
40. Maroc Telecom*
41. SABIC Agri-Nutrients Company *
42. Saudi Kayan Petrochemical Company*
42. Arab Bank
42. Agility
45. Bank Albilad
46. Banque Centrale Populaire (BCP)
47. Sahara International Petrochemical Co. (Sipchem)
47. Fertiglobe *
47. Aluminum Bahrain (Alba)
50. Etihad Etisalat (Mobily)
51. Mashreq Bank
52. Bank Muscat
53. ADNOC Distribution
54. ADNOC Drilling *
55. Bank of Africa*
56. Omantel
57. ACWA Power *
58. Bank Aljazira (BAJ)
59. Emirates Integrated Telecommunications Company (du)
60. Commercial Bank of Dubai (CBD)
61. Yanbu National Petrochemical Company (YANSAB)*
61. Saudi Investment Bank (SAIB)
63. QNB ALAHLI *
64. Emirates Islamic*
65. Nakilat
66. Dr. Sulaiman Al Habib Medical Services Group (HMG)
67. Savola Group
67. Qatar Fuel (WOQOD)
69. Boubyan Bank*
70. AD Ports Group*
71. National Industrialization Co. (Tasnee)
72. Barwa Real Estate Group
73. QIC Group
74. Qatar International Islamic Bank (QIIB)
75. Burgan Bank *
76. Doha Bank
77. National Bank of Ras Al Khaimah (RAKBANK)
78. National Marine Dredging Company
(NMDC) *
79. Bupa Arabia
80. Mesaieed Petrochemical Holding Company (MPHC)
81. Qatar Electricity & Water Company (QEWC)
82. Jordan Phosphate Mines Company*
83. Telecom Egypt
84. Solutions by stc *
85. Kingdom Holding Company (KHC)
86. Gulf Bank
87. Ahlibank
88. Arab Banking Corporation (Bank ABC)
88. Saudi Industrial Investment Group (SIIG)
90. Dubai Investments*
91. Commercial Bank of Kuwait (Al-Tijari)
92. Jarir Marketing Company
93. Arab Potash Company (APC)
94. Mobile Telecommunication Company Saudi Arabia (Zain KSA)*
95. National Bank of Bahrain (NBB)
96. Nahdi Medical Co. *
97. Qatar Navigation (Milaha) *
98. Air Arabia*
99. LafargeHolcim Maroc
