MUSCAT : Bank Muscat is ranked 50 and Omantel 58 in the new list of top 100 companies in the MENA region.

According to the Forbes website, GCC companies dominate the list with 92 entries, led by the U.A.E. with 32 companies and Saudi Arabia with 31. Qatar contributes 14 companies, Kuwait 10, Morocco four, Bahrain three, and Egypt, Jordan, and Oman each have two entries.

The Forbes report indicated that economic uncertainty has impacted the performance of the Middle East and North Africa’s (MENA) top companies, with the combined sales of the region’s 100 largest listed companies dipping by 5.1 percent to $1 trillion in 2023, compared to $1.1 trillion in 2022.

This slowdown also affected profitability, with net profits falling 13.5 percent to $240.2 billion, while aggregate market value decreased by 4.4 percent to $3.6 trillion as of April 2024.

However, total assets of the top 100 MENA companies grew by 5.4 percent to $4.9 trillion in 2023 compared to the previous year, indicating a more stable financial foundation.

Saudi Aramco maintains its position as the region’s leading company, boasting $660.8 billion in assets and a market value of $1.9 trillion. The Saudi National Bank and the International Holding Company follow closely behind.

The banking and financial services sector holds the most entries on the list with 45 companies, generating a combined $223.5 billion in sales and holding $3.3 trillion in assets. However, the energy sector, with only five companies, remains the most profitable.

The 2024 list welcomes six new companies, including four from the UAE (ADNOC Gas, Borouge, PureHealth Holding, and ADNOC Logistics & Services) and two from Saudi Arabia (Elm and ADES Holding).

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