Today's Edition
AMEINAH ALZEYOUDI (ABU DHABI)
The UAE led the GCC region with 33 entries dominating the Forbes Middle East's list of Top 100 Listed Companies 2025.
With 30 entries, Saudi Arabia came in second on the list, followed by Qatar with 12 and Kuwait with 10, while Morocco and Oman each had four entries.
Egypt contributed three companies, and both Jordan and Bahrain were represented by two companies each.
The top 100 publicly listed companies in the Middle East and North Africa region experienced a modest decline in net profits in the past year, dropping 1.2% to reach $237.4 billion, according to Forbes Middle East.
Their combined market cap decreased by 3.6%, settling at $3.5 trillion as of April 2025.
Despite the slight fall in profits and market cap, the companies recorded strong growth in other key financial indicators. Aggregate sales rose by 12.2% to hit $1.1 trillion, while total assets increased by 10.8% to $5.4 trillion, up from $4.9 trillion the previous year.
Saudi oil giant Aramco topped the list once again, with market capitalisation of $1.7 trillion and net profits of $106.2 billion. It was followed by International Holding Company (IHC) in second place, and the QNB Group and the Saudi National Bank in third place.
With 45 entries, the banking and financial services industry had the most representation, followed by the industrial and telecommunications industries, each with nine companies.
Although represented by only six businesses, the energy sector continued to be the most lucrative, bringing in a total of $114 billion, thanks in large part to Aramco's success, the report said.
Four of the five new entrants on the 2025 list are newly listed, including OQ Exploration & Production (Oman), Lulu Retail Holdings, Agility Global and NMDC Energy. Saudi SABIC also rejoined the list, making a strong comeback from a $102.5 million loss in 2023 to a $993 million profit in 2024.
Among the 33 UAE companies are: International Holding Company (IHC), Emirates NBD Group, First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), TAQA Group, ADNOC Gas, e&, Alpha Dhabi Holding (ADH), Emaar Properties, Dubai Electricity and Water Authority (DEWA), Dubai Islamic Bank (DIB), Mashreq, Abu Dhabi Islamic Bank (ADIB), Aldar Properties, Emaar Development, Borouge, ADNOC Drilling, Emirates Islamic, PureHealth Holding, Commercial Bank of Dubai (CBD), NMDC Group, AD Ports Group, ADNOC Distribution, ADNOC Logistics & Services, Emirates Integrated Telecommunications Company (du), National Bank of Ras Al Khaimah (RAKBANK), Lulu Retail Holdings, Agility Global, NMDC Energy, Air Arabia, Sharjah Islamic Bank (SIB), National Bank of Fujairah (NBF), and Fertiglobe.
