UAE firms score high in Forbes Middle East Top 100 list

UAE companies make up a quarter of the Top 100 listed companies for 2022, in the latest rankings released by Forbes Middle East.

For the third consecutive year, the world's largest oil and gas giant, Saudi Aramco, is number one, with $400.5 billion in sales and a market value of $2.3 trillion.

First Abu Dhabi Bank and Emirates NBD are the highest UAE firms, at 6th and 8th respectively, contributing to banking and financial services remaining the most represented in the survey with 42 entries, the same as 2021.

To create the list, Forbes Middle East, gathered data from listed stock exchanges in the Arab world and evaluated companies based on sales, profits, assets, and market value.

Of the 100 firms, 33 are listed in Saudi Arabia, making it the dominant country, while UAE-based firms rank second with 25 entries, followed by Qatar with 16. Combined, these three Gulf nations make up nearly 75 per cent of the ranking.

Amongst sectors, banking and financial services remains the most represented in this year's ranking with 42 entries, the same as 2021. Of the top 10 companies in the list, 50 per cent are banks. Industrials and telecommunications comprised the second most-populated category, with 11 entries each. Companies operating in energy, industrials, and petrochemicals still generated the bulk of the net income, however, accounting for over 65 per cent of the aggregate net income of the 100 companies. 

Thanks to the surge in oil prices, Gulf countries have recovered fast, with the Middle East's listed companies outperforming. The top 100 listed companies pocketed $201.7 billion in total net income during 2021, marking a surge of over 121 per cent compared to the $91 billion in total net income from 2020. Overall, the market value of the 100 companies totaled $4 trillion, up from $3 trillion a year ago. The total value of assets spiked to $4.2 trillion, while sales climbed 44 per cent to $794 billion. 

A booming business environment has also led 24 newcomers to join this year's list, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dubai, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical. 

Click here for the complete ranking of the Top 100 Listed Companies in the Middle East 2022.