Saudi Aramco Leads Forbes Middle East’s Top 100 Listed Companies for 2024
Saudi Aramco has once again secured the top spot in Forbes Middle East’s prestigious Top 100 listed companies for the year 2024. The energy giant boasts an impressive $660.8 billion in assets and a staggering $1.9 trillion in market value.
Saudi National Bank and International Holding Co. Follow Closely
Following closely behind Saudi Aramco is the Saudi National Bank, the largest commercial financial institution in the Kingdom, with $276.6 billion in assets and $59.1 billion in market value. UAE-based International Holding Co. and Qatar National Bank Group clinched the third and fourth spots on the list, respectively.
Major Moves by Saudi Aramco and Other Top Companies
The ranking comes hot on the heels of Saudi Aramco’s announcement of its second public offering of 1.545 billion shares, valued at over $11 billion, marking one of the largest stock sales in recent years. Forbes Middle East compiled the list by collecting data from listed stock exchanges in the Arab world, focusing on reported sales, assets, profits for the 2023 financial year, and market value as of April 26, 2024.
Gulf Cooperation Council Dominates the List
Companies from the Gulf Cooperation Council region dominated the list, with 92 entries, led by the UAE and Saudi Arabia. The banking and financial services sector was the most represented, with 45 entries generating substantial sales and assets. The energy sector, represented by five companies, was the most profitable, with Saudi Aramco leading the pack.
Saudi Aramco’s Continued Dominance in the Market
Saudi Aramco’s net profit reached $27.27 billion in the first quarter of 2024, showcasing a 2.04 percent increase compared to the previous quarter. Despite a slight drop in brand value due to external factors, Saudi Aramco remains the most sought-after brand in the Middle East region, with a value of $41.5 billion according to a report by Brand Finance.