The total assets of the top 100 companies in the Arab World were up 4% to $2.6tn in 2016 compared to 2015, according to Forbes Middle East.
Forbes Middle East unveiled its 2016 ranking of the Top 100 Companies in the Arab World on Wednesday, saying that the total market value dropped 15.5% to $689bn between 1 April 2015 and 6 April 2016.
Forbes said in a statement that the total sales and profits decreased by nearly 3% to $281.5bn and $58.6bn, respectively.
“Although the Saudi stock market was the hardest hit last year with a 29.5% drop from a year ago, Saudi companies dominate the list, making up to one-third of the top 100, and five of the top 10,” the statement read. “Saudi petrochemicals SABIC ranked the first with revenues of $39.5bn and $87.5bn in assets”.
Global Telecom in Egypt ranked 85th, with $2.9bn revenues and $4.7bn in assets.
In the statement, about half of the companies on the list are banks, followed by telecom operators and real estate developers. The majority are from Gulf countries.
The statement pointed out that QNB is the largest bank in the region, ranking first in terms of assets, which amounted to $147.9bn. Meanwhile, CIB Egypt ranked in at 32th, with assets amounting to $20.2bn.
Etisalat, the biggest Arab telecommunications company, came in fourth with revenues of $14.1bn and total assets of $34.9bn, while Telecom Egypt ranked in at 68th with revenues of $1.4bn and total assets worth $3.9bn.
Arab Potash Company in Jordan came at the bottom of the list, with total revenues of $745m and total assets worth $1.4m.
