Forbes Middle East - English - June 2022 by Forbes Middle East

EGYPTIAN BLUE CHIPS RIDING THE STORM 5 U.S GIANTS THAT HAVE RETREATED FROM CHINA

TOP LISTED COMPANIES IN EGYPT

4 ARAB COMPANIES ENTERING THE METAVERSE TOP 5 ARAB COMPANIES ON FORBES GLOBAL 2000

JUNE 2022 ISSUE 117

ALI AL BAQALI CEO of Alba

“IT WAS A GOOD STRATEGY… TO NOT ONLY RELY ON OIL & GAS BUT TO HAVE AN ALUMINUM INDUSTRY IN THE DESERT TOO.”

THE MIDDLE EAST’S

JUNE 2022 ISSUE 117

TOP 100 LISTED COMPANIES 2022

THE MIDDLE EAST’S 100 BIGGEST LISTED COMPANIES POCKETED $201.7 BILLION IN TOTAL NET INCOME LAST YEAR. FIND OUT WHO THEY ARE AND WHERE THEY’RE INVESTING.

Stay connected with our latest business news. UAE....................................................... AED 15 SAUDI ARABIA...................................SAR 15 BAHRAIN.......................................... BHD 1.5 KUWAIT.......................................... KWD 1.25 OMAN.................................................OMR 1.5 QATAR..................................................QAR 15 OTHERS........................................................$4

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

6 I Sidelines Public Potential By Claudine Coletti LEADERBOARDS

BILLIONAIRES

Companies That Minted The Most New Billionaires In 2021

1 CONTENTS

A total of 236 individuals became billionaires over the past year, according to Forbes’ World’s Billionaires 2022 ranking. These two companies minted the highest number of newcomer billionaires. Net worths are as of May 10, 2022.

By Jamila Gandhi BUSINESS

10 I

Egyptian Blue Chips Riding The Storm As Egypt faces an economic crisis, these three Egyptian companies are growing regardless. By Hagar Omran

22 I INNOVATION

12 I

4 Arab Companies Entering The Metaverse

The metaverse—a digital universe made up of virtual, augmented, and extended reality—is a space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds. These are some of the Arab companies that have announced metaverse plans this year.

By Julian Nabil

Market Mover

Since he became CEO and Managing Director in 2019, Syed Basar Shueb has overseen a remarkable period of growth for Abu Dhabi’s International Holding Company, resulting in a market cap of $140 billion and making it the most valuable company in the U.A.E. Not bad going for someone who started with the group working in IT. By Jason Lasrado

MARKETS

13 I

These Middle East-Based Firms Listed On Foreign Exchanges In Q1 2022 Several Arab companies are tapping into the booming trend of blank-check companies as they seek a faster road to public trading with less regulatory scrutiny than a traditional IPO.

By Kudakwashe Muzoriwa GLOBAL 2000

14 I Top 5 Arab Companies On Forbes Global 2000 On this year’s Global 2000 list by Forbes—a ranking of the largest 2,000 companies in the world based on assets, profits, revenues, and market value—41 companies featured from MENA. Here are the top five.

By Jamila Gandhi BUSINESS

15 I 5 U.S Giants That Have Retreated From China China is a global powerhouse, but with tightening tech regulations and domestic competition, its market also presents challenges. Here are five billionaire-founded U.S.-based companies that have scaled back their operations there. Net worths are as of May 1, 2022. By Khadijah Khogeer HOTEL REVIEW

80 I Sofitel Le Scribe Paris Opéra By Claudine Coletti

88 I

Thoughts On Ambition

F O R B E S M I D D L E E A S T.C O M

58 I

Roadmap For Reform

Jean-Christophe Durand, CEO of the National Bank of Bahrain, is leading the bank through a transformative time. As Bahrain invests in expanding its economy, financial services, and net-zero goals, NBB is seeing its profits rise as it aims its focus firmly at the future. By Jamila Gandhi

JUNE 2022

THE MIDDLE EAST’S

TOP 100 LISTED COMPANIES 2022

TOP 50 LISTED COMPANIES IN EGYPT 2022

CONTENTS

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

June 2022

Issue 117

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CONTENTS

INSIDE

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COVER STORY

Metal Rush Although he’s been at the helm for little more than two and a half years, Ali Al Baqali, CEO of Alba, has seen the company’s performance go from lossmaking in 2019 to ground-breaking in 2021. Now he’s focusing on a new ESG roadmap to lead one of Bahrain’s biggest companies to a greener future. By Jason Lasrado

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

SIDELINES

FORBES MIDDLE EAST

Public Potential This year we release our ninth annual list of the Middle East’s Top 100 Listed Companies amid market turmoil. Crashing crypto, the war in Ukraine, and continued volatility in consumer confidence are just some of the complex factors impacting global markets. However, last year was a positive one for the Middle East’s biggest public companies. The top 100 listed firms saw their total market value increase by 33%—from $3 trillion in last year’s list to $4 trillion in 2022. And their revenues increased by 44%, from $550 billion in 2020 to $794 billion in 2021. Starting 2022 from a strong position will hopefully offer some protection against market shocks this year. Our research team looked into more than 1,175 Middle Eastern companies listed on the region’s stock exchanges and analysed their full results from last year to identify the top 100. This year’s list welcomes 24 newcomers, including those that have had big IPO listings recently, such as Solutions in September 2021, Fertiglobe, ACWA Power, and ADNOC Drilling in October 2021, AD Ports in February 2022, Nahdi Medical in March 2022, and DEWA in April 2022. This increased activity looks set to continue, with the U.A.E. beginning 2022 by approving a regulatory framework for the country to develop special purpose acquisition companies, or SPACs. A SPAC is a publicly-listed company that exists to merge with other businesses that then become listed through the merger. This essentially makes it easier for companies to go public while sharing the associated risks and costs. The U.A.E.’s framework was modelled on the U.S. and international SPAC regulations, and was developed by the Abu Dhabi Securities Exchange (ADX) and Abu Dhabi’s Department of Economic Development, in conjunction with the SCA and legal and investment specialists. And we didn’t have to wait long for it to be put to use, with Abu Dhabi’s sovereign wealth fund, ADQ and IHC-owned Chimera Investments launching the country’s first SPAC in April. ADQ and Chimera plan to list their SPAC on ADX and raise $100 million to invest in particularly promising technology- driven companies in MENA. Despite interest in SPACs waning in the U.S., the Middle East has yet to fully-embrace their potential. Two U.A.E.-based companies—Swvl and Anghami—listed on New York’s NASDAQ via SPAC companies in February and March this year. In future, Arab companies interested in listing in this way will not have to look at external markets to do so, and we could see companies from outside the Gulf merging with Middle East-based SPACs. While the Middle East’s stock markets have recovered over the last year, the oil-rich GCC countries have benefited the most. An oil boom coinciding with a bust in global tech stocks made Saudi Aramco the most valuable company in the world once again this year, after it was dethroned by Apple in 2020. On the flip side, the region’s oil consumers are reeling under the effect of increased oil prices, and ensuing increased cost of living, with Egypt even going so far as to devalue its currency. Time will tell how global events will continue to impact regional markets this year, but for the Middle East’s biggest economies, it could mean more business, more investment, and more value. —Claudine Coletti, Managing Editor

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JUNE 2022

INNOVATING SINCE 2010 JUNE 2022 ISSUE 117

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Business Development

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

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Billionaires

Companies That Minted The Most New Billionaires In 2021

Canva

AppLovin

Headquarters: Sydney, Australia Sector: Software

Headquarters: California, U.S. Sector: Advertising and marketing

Free online visual communications platform Canva was launched in 2013. It counts companies like Intel and Zoom among its paying clients, alongside 60 million freemium monthly users. The company was valued by private investors at $40 billion in September 2021 after raising $200 million in fresh funding. In the same year, Forbes ranked Canva third on its “Cloud 100” list.

Founded in 2012, AppLovin develops mobile games and offers marketing services to app developers. The company was bootstrapped for years without external funding. In 2018, it raised $400 million from its biggest backer KKR. In April 2021, the company went public on Nasdaq, valuing it at $25 billion as trading began. AppLovin is looking to expand its reach in the U.K. and Europe.

New billionaires in 2022 Forbes List

Cliff Obrecht Net worth: $6.5 billion Citizenship: Australia Cofounder Obrecht serves as Canva’s chief operating officer and owns an estimated 18% stake in the company. The 36-year-old and nowwife Melanie Perkins have committed to transfer over 80% of their stake to the Canva Foundation for charitable causes. The couple are signatories of The Giving Pledge, vowing to donate most of their fortunes either before or after their deaths.

Melanie Perkins Net worth: $6.5 billion Citizenship: Australia

F O R B E S M I D D L E E A S T.C O M

Cofounder and CEO Perkins controls an estimated 18% stake in Canva. The 34-year-old was recognized in the “Forbes 30 Under 30 Asia—Enterprise Technology 2016” list and the “30 Under 30—Hall of Fame 2022” list. The university drop-out learned kitesurfing to receive an investment from a group of kiteboard enthusiast venture capitalists, including angel investor Bill Tai.

Cameron Adams Net worth: $3.2 billion Citizenship: Australia Leading technical development, cofounder Adams is the chief product officer of Canva. The 42-yearold owns a 9% stake. An ex-Googler who had built his own startup in Sydney, he was recruited by Perkins and Obrecht to be an advisor for Canva. Instead, the serial entrepreneur signed on as the software maker’s third cofounder in June 2012.

New billionaires in 2022 Forbes List

Adam Foroughi Net worth: $1.3 billion Citizenship: U.S.

Krystynak cofounded and served as AppLovin’s chief technology officer until July 2020. He controls 8.2% of the Palo Alto, California-based firm. The 54-year-old has now moved into an advisory role.

Andrew Karam Net worth: $1.1 billion Citizenship: U.S.

Cofounder and CEO Foroughi owns 9.2% of AppLovin’s shares. The 42-year-old was born in Iran a year after the 1979 Iranian Revolution and emigrated to California as a child. Foroughi became a derivatives trader after graduating from the University of California, Berkeley. He then started two marketing companies—Lifestreet Media and Social Hour—where he expanded his knowledge of mobile technology.

Cofounder Karam acts as vice president of product at the tech firm. The 40-year-old owns nearly 8% of the company. Karam began his career in pharmaceutical research before moving into mobile technology. He has since cofounded three different companies, including StylePage and Social Hour, the latter of which was sold to Playphone in 2012.

John Krystynak Net worth: $1.2 billion Citizenship: U.S. JUNE 2022

BY JAMILA GANDHI ; MELANIE PERKINS PHOTO BY DEAN MACKENZIE/IDC FOR FORBES, ADAM FOROUGHI AND ANDREW KARAM PHOTOS FROM APPLOVIN

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Business

As Egypt faces an economic crisis, these three Egyptian companies are growing regardless. investment bank multiple times since 2012. Most recently, the First Abu Dhabi Bank offered to acquire a minimum of 51% of the EFG’s outstanding share capital. The transaction valued EFG at $1.2 billion, but the bid ultimately failed.

Elsewedy Electric

For Egypt’s population of over 103 million people, private sector companies are helping drive the economy and create jobs despite challenging market conditions. The private sector contributed 73.7% to the country’s GDP in the 2021 financial year. Elswedy Electric, TMG Holding, and EFG Hermes Holding are three of the most successful independent Egyptian companies among the blue chips of Egypt’s private sector. Here’s a look at how they retained positive growth last year.

EFG Hermes Holding (EFG) EFG is Egypt’s largest investment bank in terms of total assets, with $5.2 billion in total assets in 2021. It also had $447.12 million in total revenues for 2021, a 23% increase compared to 2020. This result was thanks to its core operations, as well as the acquisition of aiBANK in Q4 2021, which then recorded $16.5 million in revenues. The company’s operations span 13 F O R B E S M I D D L E E A S T.C O M

countries across four continents. Over the past ten years, the group’s total assets have increased by 84% to hit $5.2 billion by the end of 2021. Its annual profits hit $84.7 million in 2021, an increase of 17.5% compared to the previous year. EFG has also participated in local and regional IPOs, including DEWA’s recent $6.1 billion listing on the Dubai Financial Market. In May 2022, valU Consumer Finance, a subsidiary of EFG, entered an agreement to become a method of payment on Amazon in Egypt. As part of this, the ecommerce company acquired $10 million of EFG GDRs, but the agreement includes an option to move this investment into valU at a future date. This would result in Amazon owning a 4.25% stake in the issued share capital of valU, based on valU’s valuation of $235 million. EFG itself has been a target for acquisition for more than a decade. Egyptian billionaire Naguib Sawiris has tried unsuccessfully to acquire the

Founded and managed by the Elswedy family since 1938, Elsewedy Electric— Egypt’s top publicly-listed energy and industrials company— is deeply rooted in the Egyptian energy market. Today, the company employs more than 15,000 people and exports to 100 countries across the world. It saw its net profits increase by 15.2% to hit $204.8 million in 2021, driven by a 30.5% increase in revenues to $3.3 billion. The wires and cables segment contributed 49% to Elsewedy’s annual revenues, hitting $1.6 billion in 2021, making it the company’s top-performing segment, with 59.9% year-on-year increase. In the first half of 2021, Elsewedy Electric acquired 95% of PT CG Power Systems Indonesia and 100% of the Pakistan-based Validus Engineering, at a combined value of $60 million. As a result of the new transactions, Elswedy’s total assets hit $3.6 billion by the end of 2021, an increase of 23.3% compared to a year earlier. In December 2021, Elswedy Electric inaugurated the $35 million Elsewedy Industrial Complex in Tanzania in the presence of Tanzanian President Samia Suluhu Hassan. The complex is spread across 120,100 square meters, including several manufacturing facilities specializing in products such as cables, conductors, transformers, and PVC. It also includes a logistics center covering 4,800 square meters.

JUNE 2022

BY HAGAR OMRAN; IMAGE FROM SOURCE

LEADERBOARD

Egyptian Blue Chips Riding The Storm

LEADERBOARD

IMAGES FROM SOURCE

Talaat Moustafa Holding (TMG Holding) TMG Holding is Egypt’s largest publicly-listed real estate company in terms of total assets, with a 50-year legacy. Its landmark projects include Al Rehab City, East of Cairo, which covers 9.9 million sqms and aims to house 200,000 residents, and the Madinaty project, which spans over 33.6 million sqms and has a capacity for 700,000 residents. The group has a total land bank of over 74 million sqms across Egypt. Its hotels include the Four Seasons Sharm El Sheikh Resort, the Four Seasons Nile Plaza in Cairo, the Four Seasons San Stefano Grand Plaza in Alexandria, and the Kempinski Nile Hotel. TMG’s hotels have a total of 1,071 rooms.

F O R B E S M I D D L E E A S T.C O M

Since TMG’s listing on the Egyptian stock exchange in 2007, the group’s total assets have grown by 222.6%— to $7.5 billion in December 2021 from end of 2007. The group’s annual revenues have expanded by over 718% in the same period. In 2021, TMG saw its revenues hit $825.2 million, an increase of 9% compared to 2020. This was made up of $650.6 million from real estate revenues, an increase of 2.5%, and $68.2 million from hospitality, an increase of 104%. Other recurring income lines brought in $106 million. Net sales of Noor, the company’s newly launched integrated mega-city, reached $1 billion in 2021. Total new net sales hit over $1.7 billion last year.

JUNE 2022

Innovation

4 Arab Companies Entering The Metaverse

Emirates Emirates Airlines announced in April 2022 its plans to build brand experiences in the metaverse, alongside both collectible and utilitybased NFTs. The airline is working to turn its pavilion at the Expo 2020 Dubai site into an innovation center for future-focused projects, including those related to the metaverse, NFTs and Web3. In 2021, Emirates became the first airline to launch its own VR app, offering users cabin interior experiences onboard the carrier’s A380 and Boeing 777-300ER aircraft.

Chalhoub Group In April 2022, luxury goods retailer the Chalhoub Group entered the metaverse when one of its companies, French luxury tableware brand Christofle, launched its first NFT collection “925 Genesis MOOD.” The collection is housed in an imaginary city called “The City of Christofle Silversmithing.” On May 7, 529 artistic NFTs were made available. The virtual city takes visitors on a journey through key milestones and creative storytelling relating to the 200-year-old Christofle Paris luxury maison, which was bought by the Chalhoub Group in 2012. F O R B E S M I D D L E E A S T.C O M

NEOM The NEOM Tech & Digital Company was founded in 2021 as the first subsidiary of NEOM, a new technology-based region being developed by Saudi Arabia. In February 2022, it announced that it would be creating a 3D cognitive digital twin metaverse platform called XVRS. Combining digital and physical architectures, XVRS will enable users to be present in different locations across the metaverse in real-time as an avatar or hologram. The NEOM Tech & Digital Company says it plans to invest nearly $1 billion into AI-driven products and hyperconnected, autonomous solutions.

Union Square House Dubai-based real estate brokerage Union Square House announced in April its plan to roll out metaverse mansions in MENA in 2022. The metaverse properties will be available for buyers as NFTs, with or without their real-world counterparts. The digital mansions will allow buyers to see their digital properties using Augmented Reality, and interact with other people, including their digital neighbors.

JUNE 2022

BY JULIAN NABIL ; IMAGE FROM EMIRATES.COM, IMAGES FROM SOURCE

LEADERBOARD

Markets

These Middle East-Based Firms Listed On

Foreign Exchanges In Q1 2022

BY KUDAKWASHE MUZORIWA ; IMAGE FROM TALKS.ANGHAMI.COM

Several Arab companies are tapping into the booming trend of blank-check companies as they seek a faster road to public trading with less regulatory scrutiny than a traditional IPO. Following a record-breaking year for IPOs in 2021, Russia’s war in Ukraine, rising inflation, and high-interest rates have roiled global equity markets in 2022, forcing several companies including valuable startups to shelve plans to go public. However, stock exchanges in the GCC region have bucked the trend and are bracing for yet another year of record listings after (DEWA) raised $6.1 billion in April. GCC stock markets are introducing several initiatives such as the Abu Dhabi Securities Exchange’s (ADX) regulatory framework for the listing of special-purpose acquisition companies (SPACs). SPACs are blankcheck firms that are listed on a stock exchange and seek to raise funds with the intent of using the capital to acquire a private target company (usually within two years), according to EY. Here are two regional companies that went public on international markets in a SPAC deal in Q1 2022. The companies’ ordinary shares’ market capitalization are as of May 10, 2022.

Anghami Market Cap: $157.4 million Bourse: Nasdaq Abu Dhabi-based Anghami debuted on Nasdaq on

F O R B E S M I D D L E E A S T.C O M

February 4, 2022, following the music streaming platform’s $220 million merger with blank-check firm Vistas Media Acquisition Company, making it the first Arab tech firm to list on Nasdaq New York. The company’s common ordinary shares, which trades under the ticker “ANGH,” soared more than 231% in its trading debut to reach its all time high at $33.13 per share on February 17, 2022 , but the stock had slumped to $6.11 as of May 10, 2022. Abu Dhabi-based Anghami’s merger deal included a $30 million commitment from U.A.E.-based financial services platform Shuaa Capital and $10 million from Vistas Media Capital in private investment in public

equity (PIPE) financing. The Middle East Spotify challenger was founded by Lebanese entrepreneurs, Eddy Maroun and Elie Habib in 2012 in Beirut and relocated its global headquarters to Abu Dhabi in January 2021. With a market capitalization of $157.4 million as of May 10, 2022, Anghami has 72 million songs in its libraries and 75 million registered users. Its counts Universal Music Group, Sony Music, and Warner Music Group among its partnerships.

Swvl Market Cap: $694.3 million Bourse: Nasdaq Dubai-based Swvl debuted on Nasdaq in March 2022 following a merger with

SPAC Queen’s Gambit Growth Capital in a deal that valued the transport startup at $1.5 billion. Since its trading debut, Swvl’s stock was down more than 40% to trade at $5.84 per share as of May 10, 2022, after weeks of volatility. Swvl received $164.6 million of gross proceeds from the transaction, together with a $111.5 million in PIPE commitment and $53.1 million in cash from Queen’s Gambit. The mass transport startup is also set to receive additional capital via an additional PIPE commitment of $10 million and a $471.9 million equity financing facility “subject to the satisfaction or waiver of certain closing conditions.” The company’s global footprint has grown exponentially over the last nine months to reach 146 cities across 21 countries following the acquisition of U.K.-based smart mobility platform Zeelo, Turkish mass transit provider Volt Lines, Berlin-based mobility startup Door2door, Latin America mass transit firm ViaPool, and on-demand ride service Shotl. Founded in Egypt in 2017, Swvl allows commuters to share fixed-route bus trips. It had a market capitalization of $694.3 million as of May 10, 2022.

JUNE 2022

LEADERBOARD

Global 2000

Top 5 Arab Companies

On Forbes Global 2000 On this year’s Global 2000 list by Forbes—a ranking of the largest 2,000 companies in the world based on assets, profits, revenues, and market value—41 companies featured from MENA. Here are the top five.

4. Saudi Electricity Global 2000 ranking: 327 Category: Utilities Country: Saudi Arabia Sales: $18.5 billion Profits: $2.3 billion Assets: $127.4 billion Market value: $29.8 billion

Saudi Electricity is the region’s biggest utility company and has a monopoly in Saudi Arabia. It generates and distributes electricity. The company was founded in 2000 and is headquartered in Riyadh.

5. First Abu Dhabi Bank

Saudi Aramco headquartered in Dhahran, Saudi Arabia

1. Saudi Aramco Global 2000 ranking: 3 Category: Oil & Gas Country: Saudi Arabia Sales: $400.4 billion Profits: $105.4 billion Assets: $576 billion Market value: $2.3 trillion

Aramco engages in the exploration, production, transportation, and sale of crude oil and natural gas. It is the world’s largest oil company and the second most valuable worldwide. The company was founded in 1933 and is headquartered in Dhahran, Saudi Arabia. F O R B E S M I D D L E E A S T.C O M

2. Qatar National Bank (QNB)

3. Saudi National Bank (SNB)

Global 2000 ranking: 251 Category: Banking & Finance Country: Qatar Sales: $14.2 billion Profits: $3.4 billion Assets: $304.4 billion Market value: $59 billion

Global 2000 ranking: 325 Category: Banking & Finance Country: Saudi Arabia Sales: $8.6 billion Profits: $3.4 billion Assets: $243.5 billion Market value: $86.5 billion

QNB is the largest bank in the Middle East and Africa and the second-largest entity in the region in terms of assets after Aramco. It provides commercial and Islamic banking activities. The company was founded in 1964 and is headquartered in Doha, Qatar.

The largest bank in Saudi Arabia, SNB was formed by the merger of the National Commercial Bank and Samba Financial Group in April 2021. The National Commercial Bank was founded in 1953 and is headquartered in Jeddah, Saudi Arabia.

Global 2000 ranking: 345 Category: Banking & Finance Country: U.A.E. Sales: $8.3 billion Profits: $3.3 billion Assets: $272.4 billion Market value: $69.1 billion

The U.A.E.’s largest bank, FAB was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016. It engages in banking services, including corporate, investment, and personal banking. The company was founded in 1968 and is headquartered in Abu Dhabi. JUNE 2022

BY JAMILA GANDHI; IMAGE FROM ARAMCO.COM

LEADERBOARD

Business

5 U.S Giants That Have Retreated From China LinkedIn

Amazon Billionaire founder: Jeff Bezos Net worth: $150.1 billion Entered China: August 2004 Exited China: July 2019

Billionaire cofounder: Reid Hoffman Net worth: $2.1 billion Entered China: February 2014 Exited China: October 2021 Microsoft-owned LinkedIn launched a “localized” version of the job-hunting site in February 2014. At the time, the platform had over four million users in China, representing 1.4% of the site’s 277 million users around the world. The company created a beta site using simplified Chinese in a bid to capture the country’s populous workforce, but in October 2021, LinkedIn announced the site’s closure due to a challenging operating environment and China’s greater compliance requirements. Two months’ later, in December 2021, LinkedIn launched InCareer, an app for job searching and recruiting in mainland China.

Yahoo

BY KHADIJAH KHOGEER; JOE SEER/ SHUTTERSTOCK.COM

Billionaire cofounders: David Filo; Jerry Yang Net worth: $3.6 billion; $2.7 billion Entered China: September 1999 Exited China: November 2021 Yahoo! China launched on September 24, 1999, but has been steadily withdrawing its services from the country in the last decade. Yahoo’s web portal, email, music, and news services closed between 2012 and 2013, and it made its exit from mainland China on November 1, 2021, citing an “increasingly challenging business and legal environment.” China’s Personal Information Protection Law also went into effect on November 1, which ramped up Chinese data privacy laws, including regulating how foreign firms store user information from China’s mainland. The Beijing office was its only location in mainland China, while it maintains a Hong Kong office.

F O R B E S M I D D L E E A S T.C O M

Travis Kalanick

Uber Billionaire cofounder: Travis Kalanick Net worth: $2.8 billion Entered China: August 2013 Exited China: August 2016 Uber China, which launched in 2013, faced fierce competition from local rival Didi during its two-year run in China. In 2015, Uber raised $1.2 billion in funding led by Chinese giant Baidu, while Didi raised $3 billion, according to TechCrunch. By July 2016, Uber China had 22.2 million monthly active users in China while Didi boasted double at 45 million active users, according to TalkingData. Ride-hailing app Uber sold its subsidiary and brand licensing in China to Didi on August 1, 2016. In return, Uber acquired an 18.8% minority stake, valued at $6 billion at the time of the merger deal, in Didi. Uber offloaded $2.9 billion in net income taxes between 2016 and 2017 thanks to the sale.

Amazon entered China on August 19, 2004 by acquiring Chinese retailer Joyo.com for $75 million. Launched in 2000, Joyo.com was said to be the largest online retailer of books, music, and videos in China at the time of the transaction. But Amazon failed to replicate Joyo.com’s early success. Amazon China contended with domestic e-commerce heavyweights Alibaba and JD, who claimed the bulk of China’s e-commerce sales by 2019. Amazon’s spokespeople notified sellers of the marketplace’s closure through statements reported across media outlets in April 2019, and closed its Chinese marketplace Amazon.cn on July 18, 2019.

Epic Games Billionaire cofounder: Tim Sweeney Net worth: $7.6 billion Entered China: April 2018 (estimated date) Exited China: November 2021 Video game developer Epic Games began operating Fortnite China with Chinese tech giant Tencent in 2018. Tencent first invested in the North Carolina-based

company in 2012. However, Epic Games pulled the plug on the Chinese version of Fortnite on November 15, 2021. Epic Games declined to disclose why it ended Fortnite China, but online gaming firms have faced regulatory challenges. In September 2021, Chinese authorities reportedly reduced gaming time for young consumers. Additionally, Epic Games’ ties to Tencent and China attracted controversy, including allegations of spyware on its online store. JUNE 2022

15 LEADERBOARD

China is a global powerhouse, but with tightening tech regulations and domestic competition, its market also presents challenges. Here are five billionaire-founded U.S.-based companies that have scaled back their operations there. Net worths are as of May 1, 2022.

• COVER STORY •

ALI AL BAQALI

METAL RUSH

Although he’s been at the helm for little more than two and a half years, Ali Al Baqali, CEO of Alba, has seen the company’s performance go from loss-making in 2019 to ground-breaking in 2021. Now he’s focusing on a new ESG roadmap to lead one of Bahrain’s biggest companies to a greener future.

BY JASON LASRADO F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Ali Al Baqali, CEO of Alba

IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

ALI AL BAQALI

Ali Al Baqali, CEO of Aluminum Bahrain (Alba), one of the world’s biggest aluminum smelters outside of China, is 20 minutes late for our call. To be fair, it’s for a good reason. He joins us moments after finishing a virtual meeting with Alba’s investors to discuss the company’s most recent financial results. He’s in good spirits, which is unsurprising—2021 was the best year that Alba has ever had financially in its 50-year history. Alba posted $390.4 million in profits in Q1 2022, an increase of 181% compared to the same period the year before. For the whole of 2021, Alba’s profits hit $1.2 billion—532% more than in 2020. Investors are no doubt welcoming these results, with the company’s market value more than doubling from $2.2 billion in 2021 to $5.8 billion in 2022, making it Bahrain’s most valuable listed company outside of the banking sector. To put this into context regarding its importance to Bahrain: the country’s GDP last year was $34.7 billion; Alba’s revenues accounted for over $4 billion of that. After oil & gas, aluminum is Bahrain’s most valuable sector, and Alba is by far the biggest player in it. Aluminium accounts for 60% of the country’s nonoil exports. As of 2021, Alba directly employed 3,135 people and around 1,000 contractors. “It was a good strategy from our leaders in 1968 when they thought to not only rely on oil & gas but to have an aluminum industry in the desert too,” muses Al Baqali. Alba is the second-largest aluminum producer in the Middle East after Emirates Global Aluminum, which brought in revenues of $6.9 billion and recorded profits of $1.5 billion last year. For comparison, the largest metal manufacturer in the U.S., Alco, had revenues of $12 billion and profits of $429 million in 2021, and the biggest aluminum producer in Europe, Rusal, recorded $12 billion in revenues and $3.3 billion in profits. And while Alba runs the largest single-site aluminum smelter in the world outside of China, the Eastern superpower is still the world’s largest producer F O R B E S M I D D L E E A S T.C O M

and consumer of aluminum, with five of the top 10 aluminum producers being in China. While results over the last year have been groundbreaking, business has not always been smooth for Alba. Producing aluminum is not an easy task, and producers lack significant power when it comes to controlling the price of aluminum, as well as outgoing costs for necessary resources such as natural gas and labor. As a traditional commodity business, there is very little scope for differentiation between aluminum producers; success is mostly linked to metal prices and to a smaller extent, the product mix. For much of the last decade, aluminum prices on the London Metal Exchange (LME) have been choppy, falling from $2,461 per metric ton in 2010 to $1,800 in 2019 and hitting a low of $1,421 in 2020. When Al Baqali became acting CEO of Alba in August 2019, the company had just posted a loss of $50.9 million for the first half of the year, down 130% compared to 2018. The board asked him to do whatever he could to try to break even by the end of the year. At that time, Al Baqali had already been with Alba for 21 years and was well-prepared for the challenge. He first joined Alba in 1998 as a purchasing officer. Having grown up in a poor family and unable to afford university, he gained experience through a governmentsponsored diploma and entry-level roles at local steel and poultry companies. By the time he started with Alba, he was used to working his way up. He began by pulling his weight in the warehouse before becoming the head of stores in 2008, where he became familiar with the company’s wider operations and interacted with other departments. In 2009, when Alba hired McKinsey & Company to facilitate a major restructure, Al Baqali was identified as a potential future leader. He became the manager of procurement, warehousing, and supply chain and was among the first batches of senior management to be put through a company-sponsored MBA. In 2013, he became Chief Financial Officer before being promoted to Deputy CEO and Chief Supply Chain Officer in 2017. By 2019, the global aluminum industry was suffering in the face of weak economic activity, ongoing trade tensions, slow global manufacturing, and increased use of scrap metal. However, in November 2019, Alba completed its Line 6 Expansion Project a month ahead of schedule, increasing its production capacity by over 50% at a capital expenditure of about $3 billion. By the end of the year, the company recorded $14.2 million in profits. In February 2020, Al Baqali officially became Alba’s third Bahraini CEO in 50 years, but just a week later, the global pandemic began to unfold. Like the rest of JUNE 2022

IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M

“I think the best way for Bahrain to have renewable solar energy is by cooperating with its neighbors.”

Alba posted $390.4 million in profits in Q1 2022, an increase of 181% compared to the same period the year before.

“There is an equilibrium between demand and supply. Overall, global demand is at par with global supply.” Post-pandemic, ESG goals are also playing an important role in Alba’s future. In November 2021, it issued a tender for a 5-megawatt solar farm, although solar energy is not a big part of its plans, according to the CEO. “To have around 2,800 megawatt or 3,000 megawatts, you need a massive space of land to install the solar panels, and Bahrain is a small country,” says Al Baqali. “I think the best way for Bahrain to have renewable solar energy is by cooperating with its neighbors.” In early December 2021, the company also launched a $44 million treatment plant for spent pot lining, which is a hazardous waste material generated in primary aluminum smelting, in an effort to reduce its carbon footprint.

Then, in April 2022, the company refinanced the $1.2 billion Syndicated Loan Facility that it took out for its Line 6 Expansion Project. The new facility has an eight-year tenor, with the principal amount to be repaid in 16 semiannual installments. The new syndication was oversubscribed by $2.6 billion and comprised 21 banks. But what makes this transaction unique is that it is Bahrain’s first syndicated loan tied to sustainability-based targets. The loan margin depends on three sustainabilitylinked KPIs: total waste recycled (solid waste), training hours, and the frequency of incidents of time lost due to injury. Alba will pay less interest on the loan if it meets its targets. “The uprising use of sustainable finance by the industrial sector in the Middle East signals JUNE 2022

19 ALI AL BAQALI

the world, Al Baqali was caught unprepared. “All plans and everything else collapsed,” he remembers. “The market and the LME price fell down. We didn’t have a contingency plan.” With additional capacity temporarily redundant, Al Baqali went back to basics, focusing on factors that he could control— namely safety, efficiency, and cost. Alba remained profitable thanks to a significant reduction in expenditure. In 2020, the company implemented a cost-cutting plan called Project Titan. It was designed to save $100 million in costs; it ended up saving $145 million. Even with extremely low demand, Alba managed to post $26 million in profits by the end of the year. Thankfully for Alba, the tough times didn’t last long. In 2021, a robust rebound in global demand supported by v-shape market recovery and increased economic activity in key markets saw aluminum become the bestperforming metal on the LME. While the European smelting industry was hit hard by escalating gas and power prices, Alba produced over 1.5 million metric tons of aluminum—the most it had ever produced in one year. By the end of 2021, the global deficit between production and consumption of aluminum still stood at 1.1 million metric tons. Al Baqali sees further opportunities for Alba in 2022. Surging energy prices and the prospect of supply disruptions in Europe have weighed heavily on global economic activity, with the automotive sector—which is among the largest consumers of aluminum—feeling the strain in its supply-chains. The war in Ukraine has raised new challenges for commodities and created mixed market sentiment. Markets for commodities, foreign exchanges, equities, and debt are all adjusting to the shock. And logistics challenges remain due to a shortage of available containers. “We can see that investment funds have been reducing their exposure to LME metals,” explains Al Baqali. “I expect the price to retreat to pre-war levels, between $2,500 to $2,800 in 2022.” Experts agree. “Beyond $2,600-$2,700 per metric ton, the downstream industry cannot survive and it is not affordable to an aluminium application industry,” says Sridhar Patra, Chairman and Managing Director of NALCO.

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goals, in May 2022, Alba signed an agreement with Mitsubishi Power and SEPCO III to add a fourth block to Alba’s Power Station 5, which is already one of the biggest and most efficient power plants in Bahrain, home to three gas turbines, steam turbines and heat recovery steam generators. The new block will add a further 680.9 MW capacity to its current 1,800 MW. Regarding employee safety, Al Baqali says that he and other Alba executives visit the company’s plants once a week and that all employees receive safety training at least three times a year. All in all, Alba appears to have an interesting year ahead. And while he continues to ride market volatility, embed ESG goals, and pursue cost-cutting targets, Al Baqali has no plans to move on professionally. He does, however, know what he would like to leave behind. “I want the guy who comes after me to have a difficult time,” he laughs. “I want to be a tough act to follow.”

Metals & Mining Billionaires Here are the world’s richest five people in the metals and mining industry, according to Forbes’ World’s Billionaires 2022 list. Net worths are as of March 11, 2022. Global rank

Billionaires

Net worth

German Larrea Mota Velasco & family

$30.8 billion

Mexico

Gina Rinehart

$30.2 billion

Australia

Iris Fontbona & family

$22.8 billion

Chile

Vladimir Lisin

$18.4 billion

Russia

Lakshmi Mittal

$17.9 billion

India

F O R B E S M I D D L E E A S T.C O M

Age

Country Germán Larrea Mota Velasco owns the majority of Mexico’s largest copper mining company, Grupo México, which also has operations in Perú and the U.S.

Australia’s richest citizen, Gina Rinehart built her wealth on iron ore.

Iris Fontbona is the widow of Andrónico Luksic, who built a fortune in mining and beverages before dying of cancer in 2005.

Vladimir Lisin is chairman of NLMK Group, a leading manufacturer of steel products.

Lakshmi Mittal serves as chairman of $76.6 billion (revenue) ArcelorMittal, the world’s largest steel and mining company by output.

JUNE 2022

IMAGES FROM FORBES.COM

ALI AL BAQALI

a growing sense of purpose and commitment towards a transition to more effective and efficient management of its precious resources,” says Ehab Shalaby, Chairman and CEO of DCarbon Egypt. “Sustainable finance tools, such as sustainability-linked loans, green bonds among others, act as an important catalyst in accelerating the transition through decoupling economic growth and profitability from resource depletion and environmental degradation.” In the same month it refinanced the loan, Alba rolled out its first ESG roadmap, highlighting six strategic priorities, including decarbonization, green energy, and employee welfare. Al Baqali leads a special ESG Taskforce Committee to monitor the company’s ESG programs and the progress being made. “We have different priorities,” says the CEO. “Some of them are a quick win, and we can implement them immediately, but some of them are short to long term and require capital expenditure.” In continued pursuit of its green energy

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• TOP 100 LISTED COMPANIES •

SYED BASAR SHUEB

MARKET MOVER

BY JASON LASRADO F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Syed Basar Shueb, CEO of Abu Dhabi’s International Holding Company (IHC).

IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

SYED BASAR SHUEB

Syed Basar Shueb, CEO and Managing Director of Abu Dhabi’s International Holding Company (IHC), seems especially calm considering the amount of deal-making that he’s been overseeing recently. As we sit down for our zoom call, IHC is on the cusp of announcing a $50 million investment into the IPO of Borouge—a joint venture between Abu Dhabi’s state-owned ADNOC and Austria’s Borealis—as a cornerstone investor. IHC subsidiaries Multiply Group and Alpha Dhabi Holding are also investing an additional $150 million into the IPO. But while significant, this is just the latest in a flurry of activity for the company. In the last three years alone, IHC has listed eight subsidiaries and invested billions of dollars into other companies. Let’s consider this year so far. In February 2022, IHC subsidiary Al Seer Marine invested $327 million into Abu Dhabi Ports Group—the only port operator in Abu Dhabi. This was followed by an announcement in March 2022 that IHC was making a $200 million investment into the Dubai Electricity & Water Authority’s (DEWA’s) IPO through Multiply Group and Alpha Dhabi Holding, with each investing $100 million. Both companies already have utilities investments in their portfolios. “Utility is a sector in which we are very bullish. When you leverage the portfolio, you can effectively make double-digit returns,” says Shueb. The investment was strategic. DEWA, through its JV district cooling company Empower, has district cooling assets that complement Multiply’s PAL Cooling and Alpha Dhabi’s W Solar. Then, in April 2022, Shueb hit international headlines when IHC announced that it would be investing $2 billion into three Adani Group companies owned by Asia’s richest man, Gautam Adani. This comprises $500 million for a green energy venture, $500 million for a power transmission business, and $1 billion for the holding company, Adani Enterprises. “We see Adani as a major player in India, and India F O R B E S M I D D L E E A S T.C O M

is one market where we are very bullish,” says Shueb. “The growth is there because of the human capital, and I think they are leveraging opportunities in the market.” Since Shueb became CEO and Managing Director in 2019, IHC has become one of the Middle East’s best-performing stocks, growing from around $0.27 per share at the end of 2018 to $75.7 per share as of May 26, 2022. Industry experts expect this success to continue. “Based on their track record of success and the quality of the companies they have invested in, we would not be surprised that the stock continues to appreciate,” says Alex Gemici, CEO at Greenstone Equity Partners. As of May 2022, IHC had a market cap of $140 billion, making it the most valuable company in the U.A.E., the most valuable listed holding company in the Middle East, and the second most valuable company in the Middle East after Saudi Aramco. Nearly 10% of the stocks listed on the Abu Dhabi Stock Exchange (ADX) are subsidiaries of IHC. IHC is also the largest shareholder in several other entities listed on ADX. For example, as of March 2022 it owned 31.11% of Aldar Properties, Abu Dhabi’s biggest real estate company, and through Multiply Group it owns 48% of the Emirates Driving Company and 69.11% of the National Marine Dredging Company. Overall, IHC today comprises over 300 entities across eight business segments, including real estate, agriculture, healthcare, F&B, communications, and retail. IHC’s rise to prominence has been over two decades in the making. According to stock exchange disclosures, the company was first licensed as the International Fish Farming Company in May 1999, having been founded by the UAE Offsets Group, with support from the Abu Dhabi government. It was listed on ADX in 2005 and traded under the seafood brand Asmak until 2017, when it became the International Holdings Company (IHC). However, although this move positioned IHC as a listed holding company for strategic investments, at that time it was still primarily a seafood company, with some investments in land and animal feed. This changed in 2019, when IHC acquired PAL Cooling, a private district cooling company and subsidiary of the PAL Group of Companies, through a reverse merger by issuing over 1.3 billion shares to PAL Group. At that time, Shueb had been the CEO of PAL Group since 2000. “PAL Group had almost 20 different operating businesses, and we were looking for a public listing,” he explains. “IHC had been a listed company for more than 14 years, and we saw that as a vehicle to enter the market.” As IHC became a listed subsidiary of the PAL Group, Shueb also became JUNE 2022

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F O R B E S M I D D L E E A S T.C O M

“Time is money, but money cannot buy time,” says Shueb. “I prefer investing in the time for thoughtful decisionmaking, but don’t get stagnant in

your growth.”

Borouge in Abu Dhabi provides differentiated polyolefin solutions, with an annual capacity of 5 million tonnes.

shares with $2.7 billion in paid-up capital, Alpha Dhabi Holding was valued at $70 billion as of May 2022. In August 2021, IHC listed yacht-building and management firm, Al Seer Marine Services. And in December 2021, it made its last listing of the year with Multiply Group, a holding company with interests in technology, media, utilities, and beauty salons, as well as a $75 million investment in Getty Images. Also in December, IHC increased its stake in listed investment company Al Qudra Holding from 25.2% to 67.9%, making it the controlling shareholder and adding the company to IHC’s growing network of listed subsidiaries. In March 2022, Al Qudra rebranded to Q Holding. By the end of 2021, IHC’s revenues had grown 303% in one year—from $1.9 billion in 2020 to $7.7 billion in 2021. “Shueb is a very pragmatic leader and bold thinker,” says Samia Bouazza, CEO and Managing Director of the Multiply Group. “He has this special

capacity to balance his personal generosity with strict financial diligence in business. To me, he is one of the most interesting examples of leadership and intellectual transformation.” While the company’s growth in the last three years seems staggering, it is the result of a 24-year journey, according to the CEO. “All these investments result from the company’s growth from when it first started in 1998,” explains Shueb. “These businesses are not newly-established, they were always there; we just did the consolidation to synergise the portfolio. And once we achieved that, our balance sheet became significantly fortified JUNE 2022

25 SYED BASAR SHUEB

CEO of IHC. As of May 2022, PAL Group owned 59% of IHC and PAL Group’s parent company, the Royal Group, owned 15.2%. After the deal, several PAL Group and Royal Group companies became consolidated under the IHC banner. As a result, revenues jumped from $155 million in 2018 to $343 million in 2019, and profits grew from $5.5 million to $138 million. By the end of 2019, IHC had 12 companies under its umbrella, managed through six divisions. At this point, Shueb began looking at the potential of the capital markets, and he noticed something interesting. “When we looked at ADX, it was dominated by very few sectors, such as banking and insurance,” he recalls. For investors, therefore, there was a lack of options. For Shueb, there was an opportunity. In December 2020, in the midst of the pandemic, IHC listed three companies at the same time. Palms Sports, which promotes niche sporting activities, was listed at a value of $40.8 million. Zee Stores, which trades food and household items, was listed at a value of $27.2 million. And Easy Lease, a techenabled motorcycle leasing company, was listed at a value of $8.2 million. All three companies have since grown exponentially through acquisitions or consolidations. As of May 2022, Palms Sports was valued at $445 million, Zee Stores (rebranded as Ghitha) was valued at $5.6 billion, and Easylease was valued at $365 million. However, while the listings were successful, they were relatively small compared to demand. “We saw a lot of disappointed investors that missed out on the opportunity as the size was limited,” says Shueb. “We had considerable retail demand from an expansive pool of investors.” Having tested the market, IHC listed five of its bigger subsidiaries in 2021. IHC listed Emirates Stallion Group in May 2021, a large construction company with five subsidiaries of its own. The following month, IHC listed Alpha Dhabi Holding. Formerly known as Trojan Holding, Alpha Dhabi Holding is itself a conglomerate through which IHC owns stakes in other listed companies such as Aldar Properties, the National Marine Dredging Company, the National Petroleum Construction Company, and DEWA. Having first listed its ordinary

SYED BASAR SHUEB

that we could borrow money against it. With the money we generate, we make sure that we reduce our liabilities. We are not a very highly-leveraged company.” Shueb is well-versed in the company’s multifaceted set-up—he’s been connected to the group since 1998 when, fresh from completing his computer engineering degree in Cyprus, he joined the Royal Group in Abu Dhabi as a network engineer. He began working with one of the group’s companies that develops websites and network systems before moving on to large desalination projects. The management was quick to spot his leadership potential, and in 2000 Shueb became a cofounder and CEO of PAL Technology, which became the PAL Group of Companies in 2008. Over the next 22 years, PAL Group and Royal Group created, acquired, and merged a complex network of related companies. Currently, PAL Group operates through five groups: PAL Technology Services LLC, Al Jaraf Travel and Tourism LLC, PAL Robotics, Support Service and Catering, and Al Jaraf Fisheries LLC. PAL Cooling Holding LLC is controlled by IHC.

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“Being part of the group, working 24 years, the time has passed,” reflects Shueb. “It’s been a rewarding and memorable journey, from network engineer to CEO of a conglomerate.” While the last three years have been undeniably fast-paced, the CEO is confident that the growth is sustainable. “The group is efficiently run and well-capitalized, and we move rapidly. The various businesses in the group are a natural hedge for each other,” he reasons. Looking ahead, and IHC has plans for an IPO in 2022 for Pure Health, a subsidiary of Alpha Dhabi Holding and one of the U.A.E.’s biggest healthcare groups, but no other majors listings on the horizon. However, Shueb does plan to continue investing locally and globally, with his sights on India and South America, and on the food security and energy sectors specifically. But while the pace may quieten, don’t expect progress to stall. “Time is money, but money cannot buy time,” says Shueb. “I prefer investing in the time for thoughtful decision-making, but don’t get stagnant in your growth.”

U.A.E.’s Top Public Companies These are the U.A.E.’s top five public companies, according to Forbes’ Global 2000 list for 2022. Figures are as of April 22, 2022. Global rank

345

Company

Sales

Profit

Assets

Market value

First Abu Dhabi Bank (FAB)

$8.25 billion

$3.31 billion

$272.35 billion

$69.08 billion

FAB engages in corporate, investment and personal banking. The company was founded in February, 1968 and is headquartered in Abu Dhabi.

$14.52 billion

$2.54 billion

$34.9 billion

$83.82 billion

e& provides telecommunication services, media, and related equipment. It also offers related contracting and consultancy services to international telecommunications companies and consortia.

Emirates NBD

$8.6 billion

$2.49 billion

$188.95 billion

$26.14 billion

Emirates NBD operates in corporate banking, consumer banking, Islamic banking, treasury, and other operations. The company was founded in July, 2007.

487

TAQA

$12.44 billion

$1.62 billion

$49.06 billion

$42.24 billion

TAQA owns and invests in companies engaged in power generation, water desalination and exploration, development, production and storage of oil and gas.

646

International Holding Company (IHC)

$7.75 billion

$2 billion

$24.23 billion

$108.6 billion

IHC engages in the investment and development of food and feed supply business. It also operates in district cooling; contracting and real estate; digital; industrial; food; capital; and others.

410

465

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JUNE 2022

PRO M OTI O N Scan this QR code to open the website

A New Music Experience Mehdi Cherif, Founder and CEO of Pulse, explains how his social music platform is changing the music discovery experience by using decentralized technology, revamping the business model, and taking interactive streaming to new levels.

hat most people look for in a music platform nowadays is a good music discovery experience, engagement, and validation – and Pulse aims to tick all three boxes. It tightly integrates brands into the music discovery experience and leverages decentralized technology and blockchain to solve multiple issues within the music industry as well as social media. Differentiating itself in the market and catering to its general consumers and content creators alike, Pulse implements a ‘SelfSovereign’ identity, allowing all the actors within the platform to manage and have control of their data. It also integrates smart contracts to help simplify the licensing of content and intellectual property, in addition to micropayments, which work on making the payment process instant instead of the regular three to six months of waiting time it usually takes. The immutable and fully decentralized nature of the platform’s blockchain technology allows it to provide its target

music platforms act as a middleperson between content creators, copyright owners, and users, Pulse’s aim is to empower and connect them. The notable growth that the recorded music industry has been experiencing, especially in the Mehdi Cherif, Middle East with an Co-founder and increase of around CEO of Pulse 35%, cannot be ignored. With this in mind, Pulse is focusing on audiences with full transparency emerging markets –territories that and highly accurate reporting. are largely underserviced and These new and improved where the penetration rate is very features are not just simply an low. The model offered by existing act of innovation. For Pulse, platforms is not appealing to these blockchain is a means to an end. areas or suitable for their very The platform’s focus is on providing young populations, which mostly a new approach towards the music do not have the means to afford industry and social media that a subscription model. Against this adds value to all actors within backdrop, Pulse is clear in its aim: the platform and that addresses to provide a platform that people the existing issues of the music can connect with, feel a part of, industry. Some of the main and monetize. issues include the complexity of intellectual property, the excess of intermediaries that exist between the consumer and the artist, the current business model where artists only make an average high of 12% to 15%, the payment mechanism, and the general lack of transparency. While most www.pulsemusic.com

The expressed inOthis F O Rthoughts BESMIDD L E E A S T.C M advertorial are those of the client.

JUNE 2022

TOP 100 LISTED COMPANIES

THE MIDDLE EAST’S

TOP 100 LISTED COMPANIES 2022

hile the global economy feels the pressure of unprecedented inflation and the economic unrest caused by the ongoing war in Ukraine, the Middle East’s listed companies have been outperforming, with the top 100 listed companies pocketing $201.7 billion in total net income during 2021, an increase of over 121% compared to $91 billion in total net income in 2020. Gulf countries have recovered fast, thanks to the surge in oil prices. Saudi Arabia dominates our list of the the Middle East’s Top 100 Listed Companies 2022 with 33 entries, followed by the U.A.E. with 25, Qatar with 16, and Kuwait with eight. The world’s largest oil and gas giant, Saudi Aramco, tops the ranking with $400.5 billion in sales and a market value of $2.3 trillion, followed by SABIC and Qatar’s QNB Group. The banking and financial services sector is the most represented with 42 entries, but energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65% of the aggregate net income of the 100 companies. This year’s list welcomes 24 newcomers, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dhabi, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical. With the market rebound accompanied by new mega-IPOs, the aggregate assets and market values of the 100 companies surged to hit $4.2 trillion and $4 trillion, respectively, from $3.6 trillion and $3 trillion in last year’s list. Also, the aggregate revenues of the 100 companies jumped by 44% to $794 billion, compared to $550 billion in 2020.

Methodology We collected data from listed stock exchanges in the Arab world and ranked companies based on their reported market value, sales, assets, and profits for 2021. We excluded companies that hadn’t disclosed their 2021 audited financial statements as of April 20, 2022. Currency exchange rates and market cap calculations were taken as of April 21, 2022.

Year

Total market value

Total sales

Total profits

Total assets

2022

$4 trillion

$794 billion

$201.7 billion

$4.2 trillion

2021

$3 trillion

$550 billion

$91 billion

$3.6 trillion

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

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marketing@gbbventure.com JUNE 2022

THE MIDDLE EAST’S

TOP 100 LISTED COMPANIES

2. SABIC CEO and Vice Chairman: Yousef Abdullah Al-Benyan

• Country: Saudi Arabia • Sector: Industrials Market Value: $100.5 billion Sales: $46.6 billion Profits: $8.1 billion Assets: $84.9 billion SABIC is among the world’s largest petrochemical manufacturers, with operations in over 50 countries and a global workforce of over 31,000 people. In January 2022, SABIC began the commercial operation of a joint venture with ExxonMobil on the Gulf Coast, U.S. It will support SABIC’s strategy to diversify its feedstock sources and boost its petrochemical manufacturing investments in North America. SABIC is 70% owned by Aramco and 30% owned by the private sector. Yousef Abdullah Al-Benyan has been Vice-Chairman and CEO of the company since 2015.

1. Saudi Aramco

3. QNB Group

President and CEO: Amin H. Nasser

• Country: Saudi Arabia • Sector: Energy

Group CEO: Abdulla Mubarak Al-Khalifa

• Country: Qatar • Sector: Banks & financial services Market Value: $59.1 billion Sales: $14 billion Profits: $3.6 billion Assets: $300.3 billion

Market Value: $2.3 trillion Sales: $400.5 billion Profits: $110 billion Assets: $576.7 billion Aramco is the world’s largest oil company and most valuable worldwide as of May 11, 2022. Thanks to a surge in oil prices, Aramco’s share price hit new records in 2022. The company has lately increased its capital by $4 billion from its retained earnings. The Saudi government owns 94.2% of Aramco, and the company’s payment to the government hit $148.5 billion in 2021, up from $110 billion in 2020. In February 2022, Saudi Crown Prince Mohammed bin Salman said that 4% of the company’s shares had been transferred to the kingdom’s Public Investment Fund (PIF). G

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QNB is the largest bank in the Middle East and Africa and the second-largest entity in the region in terms of assets after Aramco. The group has a presence in more than 31 countries across three continents. It employs more than 27,000 people across 1,000 locations. QNB has acquired stakes in various financial institutions, including a 20% stake in Togobased Ecobank, a 38.6% stake in Jordan’s Housing Bank for Trade and Finance, 40% of the U.A.E.’s Commercial Bank International (CBI), and nearly 100% of QNB Tunisia. In April 2022, it allowed foreign ownership limit of up to 100%.

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TOP 100 LISTED COMPANIES 2022

4. Saudi National Bank (SNB) G Group CEO & Managing Director: Saeed Al-Ghamdi

• Country: Saudi Arabia • Sector: Banks & financial services

5. Al Rajhi Bank

CEO: Waleed Abdullah Ali Al-Mogbel

• Country: Saudi Arabia • Sector: Banks & financial services Market Value: $119.9 billion Sales: $7.1 billion Profits: $3.9 billion Assets: $166.3 billion

Profits: $3.4 billion Assets: $243.8 billion The largest bank in Saudi Arabia, SNB was formed by the merger of the National Commercial Bank and Samba Financial Group in April 2021. Today, it has subsidiaries and affiliates operating in eight countries. It has 11 million customers with more than 500 branches and 476 selfservice kiosks. Saudi’s Public Investment Fund (PIF) owns 37.2% of the bank.

Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of profits and market cap. The bank has a network of over 521 branches and 212 remittance centers across the kingdom. In January 2022, it acquired IT services provider the Ejada Systems Company to expand its digital banking services. Al Rajhi Bank claims to have the largest customer base in Saudi Arabia, with over 12 million customers.

TOP 100 LISTED COMPANIES

Market Value: $87.3 billion Sales: $8.6 billion

6. First Abu Dhabi Bank (FAB) G Group CEO: Hana Al Rostamani

• Country: U.A.E. • Sector: Banks & financial services Market Value: $68.8 billion Sales: $8.2 billion Profits: $3.4 billion Assets: $272.4 billion

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The U.A.E.’s largest bank, FAB was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016. Today, it has operations in 19 markets across five continents with three million customers and 6,600 employees globally. In 2021, FAB acquired Bank Audi’s unit in Egypt. It was seeking to control a majority stake in Egyptianbased financial services institution EFG Hermes Holding before withdrawing the offer in April 2022, citing global market uncertainty and volatile macro-economic conditions. Hana Al Rostamani, the first female CEO of FAB, is among Forbes Middle East’s 50 Most Powerful Businesswomen in 2022.

Saudi Arabia

Companies

Market Value

Sales

Profits

Assets

$3.1 trillion

$576.2 billion

$147.5 billion

$1.8 trillion

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7. Saudi Electricity (SEC)

9. e&

Acting CEO: Khaled bin Hamad Al Gnoon

Group CEO: Hatem Dowidar

• Country: Saudi Arabia • Sector: Utilities

• Country: U.A.E. • Sector: Telecommunications

Market Value: $29.8 billion Sales: $18.5 billion

Profits: $3 billion Assets: $34.9 billion

Profits: $3.8 billion Assets: $126.6 billion

In December 2021, the Emirates Telecommunications Group completed its acquisition of Dubai Islamic Bank’s 50.01% stake in Digital Financial Services, raising the group’s ownership to 100%. Two months later, in February 2022, the group announced that it was rebranding to e&. It has since announced several major deals. In March 2022, e&'s subsidiary E-Vision and Abu Dhabi-based investment and holding company ADQ announced an agreement to acquire 57% of STARZPLAY ARABIA. e& is also working with ADQ, Alpha Dhabi Holding, and FAB to launch a new digital banking platform, Wio. e& operates in 16 countries, including Morocco, Egypt, and Pakistan. In May 2022, the group acquired 9.8% in the U.K.’s Vodafone Group for a reported $4.4 billion.

Market Value: $83.1 billion Sales: $14.5 billion

Saudi Electricity is the region’s biggest utility company and has a dominant position in Saudi Arabia. In 2021, the company recorded $3.8 billion in profits, an increase of over 375% compared to the fiscal year 2020. Saudi Electricity is majority-owned by Saudi’s Public Investment Fund (PIF), which has a 74.3% stake, while Saudi Aramco owns 6.9%. In May 2022, Saudi Electricity redeemed its $1.5 billion local Sukuk, which was listed on the Saudi Exchange. Khaled Al Gnoon was appointed as the company’s acting CEO in June 2021 after the resignation of the former CEO, Fahad Al-Sudairi.

8. Emirates NBD

Group CEO: Shayne Nelson

• Country: U.A.E. • Sector: Banks & financial services Market Value: $25.8 billion Sales: $9.8 billion Profits: $2.5 billion Assets: $187.2 billion Emirates NBD was created by a merger between EBI and NBD. It operates in the Middle East, North Africa, and Turkey (MENAT) region and its international operations contributed 38% of total income in 2021. In 2021, the company’s net profit hit $2.5 billion, an increase of 34% compared to 2020. In 2021, Emirates NBD signed an agreement with Masdar to structure and help manage the first sustainable real estate investment trust (REIT) in the U.A.E., worth $258.4 million.

U.A.E.

Companies

Market Value

Sales

Profits

Assets

$594.8 billion

$113.1 billion

$28.2 billion

$1.1 trillion

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10. TAQA Group

Group CEO and Managing Director: Jasim Husain Thabet

• Country: U.A.E. • Sector: Utilities Market Value: $41 billion Sales: $12.4 billion Profits: $1.6 billion Assets: $49.1 billion 33 TOP 100 LISTED COMPANIES

TAQA Group was established and listed on the Abu Dhabi Securities Exchange (ADX) in 2005. It became one of the largest integrated utility companies in Europe, the Middle East, and Africa in 2020 when it merged with the Abu Dhabi Power Corporation (ADPower), taking over most of its power and water generation, transmission, and distribution assets. Today, the group has operations in 11 countries: the U.A.E., Canada, Ghana, India, Iraq, Morocco, Netherlands, Oman, Saudi Arabia, the U.K., and the U.S. In December 2021, it joined a consortium for a $3.6 billion project to reduce emissions from the Abu Dhabi National Oil Company’s (ADNOC’s) offshore production facilities.

10. Saudi Telecom Company (stc) G Group CEO: Olayan M. Alwetaid

12. International Holding Company (IHC) G

• Country: Saudi Arabia • Sector: Telecommunications Market Value: $60.8 billion Sales: $16.9 billion Profits: $3.1 billion Assets: $34.1 billion

CEO and Managing Director: Syed Basar Shueb

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stc is one of the biggest telecom operators in Saudi Arabia. It is 64% owned by the kingdom’s Public Investment Fund (PIF), but in September 2021, PIF announced that it would be exploring selling some of its shares while maintaining its majority state. In March 2022, stc signed an agreement with PIF to establish a jointly-owned company specializing in services related to the Internet of Things. stc also plans to create a new data center company with an initial capital of $26.7 million. Solutions by stc debuted on the Saudi Exchange in 2021, with a market value of $4.8 billion.

Qatar

• Country: U.A.E. • Sector: Investments Market Value: $110.6 billion Sales: $7.8 billion Profits: $3.2 billion Assets: $24.2 billion IHC was established in 1998 to help diversify and develop the non-oil commercial sectors in the U.A.E. Its investments span eight sectors: real estate, agriculture, healthcare, food and beverage, utilities, industries, IT and communications, retail, and leisure and capital. During 2021, the company acquired 60% of the Afkar Financial and property Investment Company and 41% of the NRTC Holding Company. Through its subsidiaries, it also acquired the Apex National Investment Company, the Central Tents Company, and Boudoir Interiors. By the end of 2021, the company had 302 subsidiaries.

Companies

Market Value

Sales

Profits

Assets

$182.7 billion

$46.5 billion

$11.2 billion

$587.2 billion

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13. Dubai Electricity and Water Authority (DEWA) CEO and Managing Director: Saeed Mohammed Al Tayer

CEO: Tareq Al Sadhan

• Country: Saudi Arabia • Sector: Banks & financial services Market Value: $31.8 billion Sales: $3.6 billion

• Country: U.A.E. • Sector: Utilities

Profits: $1.6 billion Assets: $86.9 billion

Market Value: $38.8 billion Sales: $6.5 billion Profits: $1.8 billion Assets: $46.1 billion DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department, which were both established in 1959. DEWA made its debut on the Dubai Financial Market (DFM) in April 2022. Over 65,000 regional and international investors participated in the IPO, which raised $6.1 billion. DEWA currently sources 11.4% of its power capacity from clean energy sources, and it plans to increase this to 100% by 2050. It also expects to supply 100% of water capacity from desalinated water by 2030 using clean energy and waste heat.

Riyad Bank has 340 branches in Saudi Arabia, one in the U.K., an agency in the U.S., and a representative office in Singapore. The bank employs over 6,620 people. It completed the issuance of a SARdenominated Tier 2 capital-eligible Sukuk valued at $800 million in February 2021 and another U.S.-dollardenominated Tier 1 capital Sukuk worth $750 million in February 2022. Riyad Bank signed an agreement with the Yanbu Chamber of Commerce and Industry in September 2021 to launch new products, initiatives, and financing solutions that can enhance the role of SMEs in achieving the Saudi Vision 2030.

15. ADCB Group

Group CEO: Ala’a Eraiqat

• Country: U.A.E. • Sector: Banks & financial services Market Value: $19.2 billion Sales: $4 billion Profits: $1.4 billion Assets: $119.9 billion The ADCB Group was formed in 2020 by the merger of the Abu Dhabi Commercial Bank and the Union National Bank and the acquisition of the Al Hilal Bank. Today, it has over 54 branches across the U.A.E. It signed a strategic partnership with the Abu Dhabi Residents Office in February 2022 to launch a new banking proposition for U.A.E. Golden Visas customers. And in April 2022, it announced an agreement with UAE Trade Connect to use the blockchain platform to help de-risk trade finance.

Kuwait

Companies

Market Value

Sales

Profits

Assets

$94 billion

$17.1 billion

$6.8 billion

$288.6 billion

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14. Riyad Bank

18. Kuwait Finance House (KFH) G Acting Group CEO: Abdulwahab Issa Alrushood

• Country: Kuwait • Sector: Banks & financial services Market Value: $29.8 billion Sales: $3.6 billion

15. National Bank of Kuwait (NBK) G Vice Chairman and Group CEO: Isam J. Al-Sager

• Country: Kuwait • Sector: Banks & financial services Market Value: $25.8 billion Sales: $3.7 billion Profits: $1.2 billion Assets: $109 billion NBK has 140 branches across 14 countries. The bank employs 7,511 people globally. In February 2022, the Arab Jordan Investment Bank acquired NBK-Jordan for an undisclosed sum. In March 2022, NBK launched its Sustainable Financing Framework to integrate environmental, social, and governance standards into the bank’s operations. It has developed internal targets to reduce gross operational emissions by 25% by 2025 and it aspires to become net-zero operationally by 2035.

15. Saudi Arabian Mining Company (Ma’aden) G CEO: Robert Wilt

• Country: Saudi Arabia • Sector: Industrials Market Value: $45 billion Sales: $7.1 billion Profits: $1.7 billion Assets: $27.6 billion

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Ma’aden is the largest mining company in the Middle East. In February 2022, it announced plans to double the company’s capital to nearly $6.6 billion by granting bonus shares. Robert Wilt was appointed CEO of Ma’aden in 2022.

Bahrain

KFH was the first Islamic bank to be established in Kuwait in 1977. Today, its operations extend to Bahrain, Saudi Arabia, the U.A.E., Turkey, Malaysia, and Germany. The bank has 526 global branches and employs 13,000 people. In March 2022, KFH announced that it had completed due diligence regarding its acquisition of AUB-Bahrain, and it is now reviewing reports. Kuwait’s General Authority for Investment owns over 24.1% of KFH, while the General Authority for Minors Affairs owns 10.48%, and the General Secretariat of Awqaf owns 7.3%.

19. Emaar Properties

Founder and Managing Director: Mohamed Alabbar

• Country: U.A.E. • Sector: Real estate & Construction Market Value: $14 billion Sales: $7.7 billion Profits: $1.6 billion Assets: $33.2 billion Emaar Properties is among the largest real estate companies in the Middle East. It developed Dubai Downtown, home to the Burj Khalifa and Dubai Mall. Emaar Properties fully acquired Namshi in 2019, but is reportedly considering selling the e-commerce business. In November 2021, Emaar Properties and Emaar Malls completed their merger, and in the same month the Dubai Mall operator was delisted from the Dubai Financial Market (DFM).

Companies

Market Value

Sales

Profits

Assets

$29.4 billion

$7.3 billion

$2.2 billion

$98.1 billion

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Profits: $1 billion Assets: $71.4 billion

20. Dubai Islamic Bank (DIB) G Group CEO: Adnan Chilwan

Managing Director and CEO: Hamad Al Ameri

• Country: U.A.E. • Sector: Banks & financial services Market Value: $12.3 billion Sales: $3.2 billion Profits: $1.2 billion Assets: $76 billion DIB is one of the world’s largest Islamic banks. In February 2022, DIB became a member of UAE Trade Connect, a commercialized blockchain platform co-created by Etisalat Digital, several banks in the U.A.E., and Avanza Innovations. DIB announced in August 2021 that it is increasing its foreign ownership limit from 25% to 40%. The Investment Corporation Of Dubai is the biggest shareholder in DIB, holding 28%.

• Country: U.A.E. • Sector: Investments Market Value: $74.1 billion Sales: $5.1 billion Profits: $1.4 billion Assets: $12.9 billion Alpha Dhabi Holding is a subsidiary of IHC. It completed a direct listing on the Abu Dhabi Securities Exchange (ADX) in June 2021. The company has more than 100 subsidiaries across industrials, healthcare, capital, construction, and hospitality. The company has acquired $680.6 million worth of assets from privately-owned company Murban, including the Cheval Blanc Randheli resort in the Maldives and Etihad International Hospitality. Alpha Dhabi Holding also announced that it would acquire an additional 17% in Aldar Properties, increasing its shares to 29.8% and making it one of its largest shareholders.

22. Saudi British Bank (SABB) G Managing Director: Tony Cripps

• Country: Saudi Arabia • Sector: Banks & financial services Market Value: $24.3 billion Sales: $2.6 billion Profits: $854 million Assets: $72.6 billion SABB was established in 1978 as a Saudi joint-stock company. It provides commercial, private, and Islamic banking services to individuals and companies through 108 branches in Saudi Arabia. The bank completed a merger with Alawwal Bank in June 2019. The HSBC Group owns 31% of SABB’s shares.

Morocco

Companies

Market Value

Sales

Profits

Assets

$36.7 billion

$13.6 billion

$2.1 billion

$152.3 billion

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20. Alpha Dhabi Holding (ADH) G

25. Qatar Islamic Bank (QIB)

Group CEO: Bassel Gamal

Chairman and CEO: Mohamed El Kettani

• Country: Qatar • Sector: Banks & financial services

• Country: Morocco • Sector: Banks & financial services

Market Value: $16.4 billion Sales: $2.3 billion

Market Value: $10.3 billion Sales: $4.3 billion Profits: $630 million Assets: $61 billion

Profits: $976 million Assets: $53.3 billion

Attijariwafa Bank is the largest bank in Morocco and one of the largest in Africa. The bank employs more than 20,583 people, has nearly 10.6 million customers, and operates in 26 countries. In 2021, it launched a new strategic plan @ MBITIONS 2025 to boost its position as an African banking and financial group, leverage disruptive digital and Big Data technologies, and further align with international standards in terms of efficiency, risk, and compliance. In March 2022, Attijariwafa bank and the Moroccan Agency for Energy Efficiency signed an MoU to boost energy efficiency cooperation and green economy financing.

QIB has 22 branches in Qatar and one branch in Sudan. The Qatar Investment Authority owns 17.2% of QIB. In 2022, Qatari authorities allowed QIB to raise its foreign ownership limit to 100% with immediate effect. The bank’s network includes QInvest, which is working with the Qatar Insurance Company to establish a Qatar-based company in the Islamic asset management field in 2022.

24. Industries Qatar (IQ)

Managing Director and Chairman: Saad Sherida Al-Kaabi

• Country: Qatar • Sector: Industrials Market Value: $33.6 billion Sales: $3.9 billion Profits: $2.2 billion Assets: $11.6 billion IQ was incorporated as a Qatari joint stock company in 2003. The IQ Group currently owns 80% of the Qatar Petrochemical Company and 50% of the Qatar Fuel Additives Company Limited. It also wholly owns the Qatar Steel Company and the Qatar Fertilizer Company. In April 2022, IQ approved a contract for a new PVC plant by the Qatar Vinyl Company, with a total contract value of $239 million, which is expected to be completed in 2025. Managing Director and Chairman Saad Sherida Al-Kaabi is also Qatar’s Minister of State for Energy Affairs and the Deputy Chairman, President, and CEO of Qatar Energy, formerly known as Qatar Petroleum.

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Egypt

26. Banque Saudi Fransi (BSF) G Chairman: Mazin Abdulrazzak AlRomaih

• Country: Saudi Arabia • Sector: Banks & financial services Market Value: $17.7 billion Sales: $2.2 billion Profits: $920 million Assets: $57.5 billion Banque Saudi Fransi was known as the French Banque de l’Indochine et de Suez until 1977 when foreign banks in Saudi Arabia were nationalized. The bank has 84 branches and employs more than 3,000 people. Kingdom Holding is the bank’s largest shareholder with a 16.2% stake, followed by Rashed Abdul Rahman AlRashed & Sons Group and Ram Holdings with 9.8% and 9%, respectively. Mazin Abdulrazzak AlRomaih was appointed chairman of the bank in 2022.

Companies

Market Value

Sales

Profits

Assets

$8 billion

$6.6 billion

$1.6 billion

$51 billion

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37 TOP 100 LISTED COMPANIES

23. Attijariwafa bank

27. Alinma Bank CEO: Abdullah bin Ali AlKhalifa

Group CEO and Vice Chairman: Bader Nasser Al-Kharafi

• Country: Saudi Arabia • Sector: Banks & financial services

• Country: Kuwait • Sector: Telecommunications

Market Value: $21.7 billion Sales: $2 billion

Market Value: $9.2 billion Sales: $5 billion

Profits: $723 million Assets: $46.3 billion

Profits: $659 million Assets: $15.7 billion

Alinma Bank was listed on the Saudi Exchange in 2008. By the end of 2021, the bank had 2.9 million customers connected via its digital platforms, including 1.2 million active users of its Smart App. Saudi’s Public Investment Fund (PIF) owns 10% of Alinma Bank, making it the bank’s largest shareholder. Abdullah Bin Ali AlKhalifa became the CEO in January 2021, before which he was the Chief Financial Officer of Banque Saudi Fransi.

Zain operates across eight countries in the Middle East and Africa, serving around 50.9 million customers. The Kuwait Investment Authority owns 24.2% of the company, Oztel Holding owns 21.9%, and Al-Sharq Holding Co. owns 5.1%. In August 2021, Zain Telecom announced the launch of the Zain Venture Fund, which invested in and signed an MoU with the U.S.based Pipe and the U.A.E.based Swvl. Bader Nasser Al-Kharafi is also the chairman of the board for the executive committee of Boursa Kuwait and a member of the board of the UN High Commissioner for Refugees (UNHCR).

29. Petro Rabigh

President and CEO: Othman Al-Ghamdi

• Country: Saudi Arabia • Sector: Petrochemicals Market Value: $6.9 billion Sales: $12.2 billion Profits: $543 million Assets: $19.6 billion Rabigh Refining and Petrochemical Co. (Petro Rabigh) was founded as a joint venture between Saudi Aramco and Sumitomo Chemical, in which they both own 75%. In October 2021, SABIC announced that it will begin marketing Aramco’s share of petrochemical products in Petro Rabigh, as the Saudi giant transfers the marketing and sales of a number of its petrochemical products to SABIC. It produces 25 products and operates in 63 countries. In March 2022, Petro Rabigh signed an agreement with Gulf Cryo to capture CO2 emissions from the MEG plant at the Petro Rabigh complex. Othman Al-Ghamdi became president and CEO in 2021, having previously worked at the Saudi Aramco Mobil Refinery Company.

Jordan

Companies

Market Value

Sales

Profits

Assets

$13 billion

$5.5 billion

$1.1 billion

$67.8 billion

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28. Zain Group

30. Arab National Bank (ANB) G CEO and Managing Director: Obaid A. Alrasheed

• Country: Saudi Arabia • Sector: Banks & financial services

32. Ahli United Bank (AUB)

Group CEO: Adel A. El-Labban

• Country: Bahrain • Sector: Banks & financial services Market Value: $11.5 billion Sales: $1.6 billion Profits: $638 million Assets: $41.9 billion

Profits: $579 million Assets: $51.3 billion

AUB was formed in May 2000 by a merger of the United Bank of Kuwait PLC and the Al-Ahli Commercial Bank B.S.C. It is one of the largest banks in the Middle East. It employs 3,294 people across eight countries. The Kuwaiti Public Institution for Social Security owns 18.9% of AUB, and Bahrain’s Social Insurance Organization owns a 10.01% stake. The bank reported $607.2 million in net profits attributable to its equity shareholders in 2021, an increase of 34% compared to 2020. Adel A. El-Labban has been the bank’s Managing Director and CEO since 2000.

Established in 1979, ANB has more than two million customers and 216 premises across Saudi Arabia. It also has investment banking and insurance divisions, ANB Invest and ANB Insurance. In April 2022, the bank signed a $293.3 million agreement with the SME General Authority “Monsha’at” to support SMEs and entrepreneurs with financing and banking services.

31. Commercial Bank

Group CEO: Joseph Abraham

• Country: Qatar • Sector: Banks & financial services Market Value: $8.3 billion Sales: $2.1 billion Profits: $633 million Assets: $45.5 billion The Commercial Bank has 30 branches in Qatar. It also owns and operates the “Diners Club” franchise in Qatar and Turkey and the Alternatif Bank in Turkey. In February 2022, the bank collaborated with the Qatar General Electricity and Water Corporation “Kahramaa” to launch a direct debit service. Joseph Abraham has been CEO of the bank since 2016, before which he was CEO of ANZ Indonesia.

33. Masraf Al Rayan

Group CEO: Fahad Al Khalifa

• Country: Qatar • Sector: Banks & financial services Market Value: $14.7 billion Sales: $1.4 billion Profits: $474 million Assets: $47.8 billion

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Masraf Al Rayan is a Shariah-compliant bank with 15 branches in Qatar and two in the U.K. through its subsidiary, Al Rayan Bank PLC. In November 2021, Masraf Al Rayan announced the completion of a merger with Al Khalij Commercial Bank, creating one of the largest Shariahcompliant banks in the region with nearly $50 billion in total assets. Fahad Al Khalifa was appointed Group CEO after the merger.

Oman

Companies

Market Value

Sales

Profits

Assets

$7 billion

$8 billion

$1.1 billion

$53.7 billion

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Market Value: $12.8 billion Sales: $1.9 billion

34. Aldar Properties

35. Abu Dhabi Islamic Bank (ADIB) G

Group CEO: Talal Al Dhiyebi

• Country: U.A.E. • Sector: Real estate & Construction

Group CEO: Nasser Al Awadhi

• Country: U.A.E. • Sector: Banks & financial services

Market Value: $11.5 billion Sales: $2.3 billion Profits: $635 million Assets: $13.5 billion Aldar Properties is the second-largest real estate developer in MENA and has been behind some iconic projects in the U.A.E., such as Yas Island, Ferrari World, Reem Island, and its own coin-shaped building in Abu Dhabi. Aldar Properties, through its Aldar Investment business, acquired a beach resort property in Ras Al Khaimah for $210 million in April 2022 to expand its portfolio outside Abu Dhabi. In February 2022, it injected $272 million into its subsidiary Aldar Education to increase student capacity in its education network to over 40,000 seats by the 2024/25 academic year. Talal Al Dhiyebi joined Aldar Properties in 2006 and assumed his current position as Group CEO in January 2021.

Market Value: $8.8 billion Sales: $1.6 billion Profits: $634 million Assets: $37.3 billion Abu Dhabi Islamic Bank provides banking services to more than a million customers, with 62 branches in the U.A.E. The bank is also present in Egypt, Saudi Arabia, Qatar, Sudan, Iraq, and the U.K. In March 2022, the bank announced that it would provide financing worth $61 million for environmentally-friendly projects in Saudi Arabia. The bank recorded more than $634 million in net profit in 2021, an increase of 45% compared to 2020.

36. Ooredoo Group Group Managing Director and CEO: Aziz Aluthman Fakhroo

• Country: Qatar • Sector: Telecommunications Market Value: $6.3 billion Sales: $8.2 billion Profits: $289 million Assets: $21.3 billion Ooredoo is the largest telecom company in Qatar. It was founded in 1949 as Qatar National Telecom Service, which built the first telephone exchange in Doha. In 2021, the group had a customer base of 121 million in 10 countries across the MENA and Southeast Asia. Ooredoo has set up more than 70 live 5G sites in Qatar, and it has started to deploy 5G networks in Kuwait and Oman. In March 2022, Ooredoo announced the launch of a dedicated LTE network for the oil and gas industry in collaboration with Ericsson and Nokia. In the same month, Ooredoo announced that it is the official global connectivity services provider for FIFA World Cup Qatar 2022.

Energy

Companies

Market Value

Sales

Profits

Assets

$2.3 trillion

$402.7 billion

$110.6 billion

$581.8 billion

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37. Emaar Development*

39. Commercial International Bank (CIB)

CFO: Sunil Grover

• Country: U.A.E. • Sector: Real estate & Construction

CEO and Managing Director: Hussein Abaza

• Country: Egypt • Sector: Banks & financial services

Profits: $1.2 billion Assets: $9.8 billion

Market Value: $4.5 billion Sales: $2.7 billion

Emaar Development has been part of Emaar Properties since its inception in 1997. When Emaar Properties later restructured its business, it transferred its real estate development division and activities to Emaar Development, which then went public in 2017. The company is responsible for freehold communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, and Arabian Ranches. It has a land bank of 170 million square feet, which it expects to service at least 12 years of sales. Emaar Properties owns 79% of the company.

Profits: $713 million Assets: $26.8 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,307 people and serves more than 1.6 million customers across 213 branches. CIB has several subsidiaries under its umbrella, including CVentures and the Mayfair CIB Bank in Kenya. In April, Alpha Oryx Limited—a subsidiary of the U.A.E’s ADQ—acquired a 18.6% stake in CIB for $987.5 million. Hussein Abaza became CEO in 2017.

38. Almarai CEO: Abdullah Albader

• Country: Saudi Arabia • Sector: Food & Beverages Market Value: $13.6 billion Sales: $4.2 billion Profits: $421 million Assets: $8.5 billion Almarai is one of the world’s largest vertically-integrated dairy companies and one of the region’s largest food and beverage manufacturing and distribution companies. Abdullah Albader joined the company in 2000 and became CEO in March 2021. In March 2021, Almarai acquired Bakemart in the U.A.E. and Bahrain. In November 2021, it completed the acquisition of the Binghatti Beverages’ production facility in the U.A.E. for $58.6 million. Saudi Arabia is the major contributor towards sales for the group, followed by the U.A.E.

40. Maroc Telecom Chairman of the Managing Board: Abdeslam Ahizoune

• Country: Morocco • Sector: Telecommunications Market Value: $12 billion Sales: $3.7 billion Profits: $708 million Assets: $6.3 billion

IMAGES FROM SOURCE

Maroc Telecom is the main telecommunications provider in Morocco, with operations in 11 other countries across Africa, including Benin, Burkina Faso, Côte d’Ivoire, Gabon, Mali, Mauritania, Niger, Central African Republic, and Togo. Today, it has more than 74 million customers. In 2021, the U.A.E’s e& increased its ownership in Maroc Telecom by 4.7% to 53%.

Banking and Financial services

Companies

Market Value

Sales

Profits

Assets

$734.4 billion

$118.5 billion

$36.7 billion

$2.8 trillion

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Market Value: $5.5 billion Sales: $4.2 billion

41. SABIC Agri-Nutrients Company*

42. Arab Bank CEO: Randa Sadik

• Country: Jordan • Sector: Banks & financial services

CEO: Abdulrahman Ahmed Shamsaddin

• Country: Saudi Arabia • Sector: Industrials

Profits: $315 million Assets: $63.8 billion

Market Value: $21.8 billion Sales: $2.6 billion

The Arab Bank was established in 1930 in Palestine. Its headquarters were moved to Amman in 1948. It has more than 600 branches around the world and a subsidiary Islamic bank in Sudan. The bank reported net profits of $315 million in 2021, an increase of 61% compared to 2020.

Profits: $1.5 billion Assets: $5.3 billion The SABIC AgriNutrients Company was formerly known as the Saudi Arabian Fertilizer Company. Today, it is 50.1% owned by SABIC. It provides agri-nutrient products, including urea, ammonia, and nitrogenbased inorganic products, and it has customers across the Middle East, Far East, Africa, and the U.S. In January 2022, it acquired 49% of ETG Inputs Holdco LTD at a value of $320 million.

42. Saudi Kayan Petrochemical Company

42. Agility G

President and CEO: Omar A. Al-Ruhaily

CEO and Vice-Chairman: Tarek Abdulaziz Sultan Al-Essa

• Country: Saudi Arabia • Sector: Petrochemicals

• Country: Kuwait • Sector: Logistics

Market Value: $8.3 billion Sales: $3.4 billion

Market Value: $9 billion Sales: $1.6 billion

Profits: $637 million Assets: $8.8 billion

Profits: $3.3 billion Assets: $9.5 billion

The Saudi Kayan Petrochemical Company operates in the chemicals, polymers and specialty products sectors. It is 35% owned by SABIC. Saudi Kayan Petrochemical Company owns 33.3% of the Saudi Butanol Company, a joint venture with the Sadara Chemical Company and the Saudi Acrylic Acid Company. In 2021, the company reduced its energy consumption by 4%, which contributed to savings of $5.3 million. In the same year, the company reported revenues of $3.4 billion, an increase of 58% compared to 2020.

Industrials

Companies

Market Value

Sales

Profits

Assets

$241.2 billion

$74.1 billion

$17.6 billion

$157.8 billion

F O R B E S M I D D L E E A S T.C O M

Agility provides logistics services in more than 40 countries. It is listed in both Kuwait and Dubai. With more than 14,000 corporate and individual shareholders, Agility’s subsidiaries provide customs digitization services, remote infrastructure services, fuel logistics, and property and commercial facility management.

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Market Value: $4.2 billion Sales: $3 billion

47. Sahara International Petrochemical Co. (Sipchem) G

CEO: Abdulaziz Mohammed Alonaizan

• Country: Saudi Arabia • Sector: Banks & financial services

CEO: Abdullah Al-Saadoon

Market Value: $13.6 billion Sales: $1.3 billion

• Country: Saudi Arabia • Sector: Petrochemicals

Profits: $450 million Assets: $29.6 billion Bank Albilad provides Shariah-compliant banking services. The bank has 150 branches. It recorded net profits of $450 million in 2021, an increase of 25% compared to 2020.

Market Value: $11.1 billion Sales: $2.7 billion Profits: $1.1 billion Assets: $6.5 billion

TOP 100 LISTED COMPANIES

45. Bank Albilad

Sipchem operates in the polymer and petrochemical sectors across more than 40 countries. The company’s existing manufacturing facilities produced 4,042 million metric tons of products in 2021. It employs more than 1,360 people. Abdullah Al-Saadoon became CEO in 2021, having previously served as the COO.

47. Fertiglobe

CEO: Ahmed El-Hoshy

• Country: U.A.E. • Sector: Industrials Market Value: $12.9 billion Sales: $3.3 billion Profits: $976 million Assets: $5.2 billion

46. Banque Centrale Populaire (BCP) G

Fertiglobe is the world’s largest nitrogen fertilizer platform and the largest producer in MENA with a combined production capacity of 6.5 million tons of urea and merchant ammonia. It is a joint company between OCI and ADNOC and was listed on ADX in October 2021. OCI’s ownership stake is 50% plus one share, ADNOC’s is 36.2%, and the balance is free float. Fertiglobe signed an agreement in 2021 with Norway-based Scatec and the Sovereign Fund of Egypt to establish a 50-100 MW electrolysis plant in Egypt to produce up to 90,000 metric tons of green ammonia annually.

Chairman and CEO: Mohamed Karim Mounir

• Country: Morocco • Sector: Banks & financial services Market Value: $5.5 billion Sales: $2.7 billion Profits: $279 million Assets: $47.6 billion

IMAGES FROM SOURCE

BCP is a group of 10 cooperative banks, each focusing on a region in Morocco. Through its subsidiaries, the group operates in 24 countries. In December 2021, the bank and the National Institute of Posts and Telecommunications signed a partnership to support students. In April 2022, BCP’s Business Creation Foundation and the Regional Banque Populaire of Laayoune launched a program for small projects.

Telecommunications

Companies

Market Value

Sales

Profits

Assets

$197 billion

$66.9 billion

$9.7 billion

$162.1 billion

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50. Etihad Etisalat (Mobily) CEO: Salman Bin Abdulaziz Al Badran

• Country: Saudi Arabia • Sector: Telecommunications Market Value: $8.5 billion Sales: $4 billion Profits: $286 million Assets: $10.5 billion

44 TOP 100 LISTED COMPANIES

Mobily was the second mobile operator to be launched in Saudi Arabia. It is 28% owned by e&. Mobily owns 66% of the Saudi National Fiber Network project. The company recorded net profits of $286 million in 2021, an increase of 36.9% compared to 2020.

51. Mashreq Bank

Group CEO: Ahmed Abdelaal

• Country: U.A.E. • Sector: Banks & financial services Market Value: $4.2 billion Sales: $2.5 billion Profits: $293 million Assets: $48.2 billion Mashreq was founded by the Al Ghurair Group and is among the oldest banks in the U.A.E. The Al Ghurair Group remains a major shareholder in the bank through its subsidiaries. Mashreq currently operates in the U.A.E., Bahrain, Kuwait, Egypt, Hong Kong, India, Qatar, the U.K., and the U.S.

47. Aluminum Bahrain (Alba) CEO: Ali Al Baqali

• Country: Bahrain • Sector: Industrials Market Value: $5.8 billion Sales: $4.2 billion Profits: $1.2 billion Assets: $7 billion

Petrochemicals

Companies

Market Value

Sales

Profits

Assets

$52.1 billion

$21.2 billion

$3.6 billion

$47.8 billion

F O R B E S M I D D L E E A S T.C O M

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Alba is the Middle East’s largest producer of aluminum. Since 1990, Alba has invested more than $589 million into environmental conservation. These projects have focused on waste management and reducing the emissions of harmful gasses. In March 2022, Alba signed an MoU with Emirates Global Aluminium (EGA) to explore opportunities to further increase its throughput. In the same month, Alba also signed an MoU with Bahrain Polytechnic to develop higher educational opportunities for Bahraini nationals focused on engineering disciplines.

52. Bank Muscat

54. ADNOC Drilling

CEO: Waleed Khamis Al Hashar

CEO: Abdulrahman Abdullah Al Seiari

• Country: U.A.E. • Sector: Energy

• Country: Oman • Sector: Banks & financial services

Market Value: $16.2 billion Sales: $2.3 billion

Profits: $494 million Assets: $34 billion

Profits: $604 million Assets: $5.1 billion

Bank Muscat has branches in Oman, Saudi Arabia, and Kuwait, and representative offices in Dubai, Iran, and Singapore. The bank recorded net profits of $494 million in 2021, an increase of 16.1%. , The bank has provided social welfare support for more than 1,080 Omani families through its “Tadhamun” program, in cooperation with the Omani Ministry of Social Development.

ADNOC Drilling was ADNOC’s first fully-owned subsidiary. In October 2021, the company became a publicly-traded company on ADX after its $1.1 billion IPO. The company owns 99 rigs, making it one of the largest fleets in the Middle East. It employs 8,000 people. In December 2021, the company signed a five-year $3.8 billion drilling services agreement with ADNOC Onshore for the continued provision of drilling and well services.

53. ADNOC Distribution CEO: Bader Al Lamki

• Country: U.A.E. • Sector: Retail Market Value: $13.9 billion Sales: $5.7 billion Profits: $613 million Assets: $3.8 billion

IMAGES FROM SOURCE

ADNOC Distribution is the U.A.E.’s leading operator of retail fuel service stations and the sole retail fuel operator in the emirates of Abu Dhabi and Sharjah. The company has 462 stations in the U.A.E., 40 fuel stations in Saudi Arabia, and 346 stores. It also provides refueling and related services at seven international airports in the U.A.E.

Utilities

Chairman and CEO: Othman Benjelloun

• Country: Morocco • Sector: Banks & financial services Market Value: $4.2 billion Sales: $2.1 billion Profits: $291 million Assets: $35.3 billion Bank of Africa has a presence in more than 20 African countries and employs more than 14,900 people. It has 2,000 points of sale serving 6.6 million customers. In 2019, the Bank of Africa and Casablanca-based business school, the ISCAE Group, jointly launched the “Blue Space” incubator. BlueSpace is located on the ISCAE campus and offers students and entrepreneurs tools to help them develop business ideas. Moroccan billionaire Othman Benjelloun is the Chairman and CEO of the bank.

Companies

Market Value

Sales

Profits

Assets

$141.5 billion

$39.5 billion

$7.9 billion

$239.1 billion

F O R B E S M I D D L E E A S T.C O M

55. Bank of Africa

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Market Value: $5.2 billion Sales: $1.7 billion

57. ACWA Power

CEO: Talal Said Al Mamari

CEO and Vice Chairman: Paddy Padmanathan

• Country: Oman • Sector: Telecommunications

• Country: Saudi Arabia • Sector: Utilities

Market Value: $1.7 billion Sales: $6.3 billion

Market Value: $26.4 billion Sales: $1.4 billion

Profits: $608 million Assets: $19.7 billion

Profits: $198 million Assets: $12.2 billion

Omantel is a joint-stock company listed on the Muscat Securities Market. It is 51% owned by the Oman Investment Authority. Omantel invests in more than 20 submarine cable systems globally, as well as interconnecting with neighboring countries through fiber optic cables. Omantel is also the first company in the GCC to lay a submarine cable in Europe in Marseille, France, within the AAE-1 submarine cable system.

ACWA Power develops, invests, and operates power, water desalination, and green hydrogen plants. The company is present in 12 countries and employs around 3,500 people across the Middle East, Asia, and Africa. As of December 31, 2021, ACWA Power’s portfolio comprised 64 projects in operation, construction, or advanced development in 12 countries. These projects have a value of $67.1 billion at total investment cost, with capacity to generate 42.7 GW of electricity and produce 6.4 million m3 per day of desalinated water. ACWA Power leads the consortium to power Saudi’s Red Sea Development with 100% renewable energy.

58. Bank Aljazira (BAJ) CEO and Managing Director: Naif A. Al Abdulkareem

• Country: Saudi Arabia • Sector: Banks & financial services Market Value: $6.7 billion Sales: $1.2 billion Profits: $268 million Assets: $27.4 billion BAJ was created in 1975 after it absorbed the activities and services of the National Bank of Pakistan. Today, the Shariah-compliant bank has 81 branches and employs 2,420 people. Its subsidiaries include AlJazira Capital, the Aman Development and Real Estate Investment Company, the Aman Insurance Agency Company, and AlJazira Securities Limited.

Investments

Companies

Market Value

Sales

Profits

Assets

$197.1 billion

$14.2 billion

$5 billion

$56.6 billion

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56. Omantel

CEO: Fahad Al Hassawi

• Country: U.A.E. • Sector: Telecommunications

60. Commercial Bank of Dubai (CBD) CEO: Bernd van Linder

• Country: U.A.E. • Sector: Banks & financial services Market Value: $3.8 billion Sales: $1 billion

Profits: $395 million Assets: $31.1 billion

Market Value: $8.1 billion Sales: $3.2 billion Profits: $300 million Assets: $4.5 billion du is one of the two main telecom providers in the U.A.E. It provides fixed, mobile, wholesale, broadband services, broadcasting and broadband connectivity, and IPTV services to people, homes, and businesses. It is 50.1% owned by the Emirates Investment Authority. du had 7.5 million mobile subscribers, as of Q1 2022. Fahad Al Hassawi has been with the company for 16 years and became CEO in September 2020.

CBD offers retail and commercial banking products and services, as well as Shariah-compliant banking services. It has 15 branches in the U.A.E. The Investment Corporation of Dubai is CBD’s largest shareholder with 20%, followed by Al-Futtaim Private Limited with 10.5%.

61. Yanbu National Petrochemical Company (YANSAB)* President and CEO: Mohammed A. Bazaid

• Country: Saudi Arabia • Sector: Petrochemicals Market Value: $9 billion Sales: $2 billion Profits: $408 million Assets: $4.8 billion

IMAGES FROM SOURCE

Yansab specializes in manufacturing petrochemical products, which are produced in its industrial complex in Yanbu Industrial City. It has a production capacity of over four million tons annually. The company aims to reduce its greenhouse gas emissions by 20% by 2030 compared to 2018. Yansab was created by SABIC, which owns 51% of the company.

Logistics

Companies

Market Value

Sales

Profits

Assets

$23.3 billion

$4.6 billion

$4.1 billion

$30.9 billion

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59. Emirates Integrated Telecommunications Company (du)

61. Saudi Investment Bank (SAIB) CEO: Faisal Abdullah Al-Omran

The Saudi Investment Bank provides investment banking services for individuals and companies, as well as stock trading, asset management, leasing, mortgage, and insurance services. The bank operates through 51 branches in Saudi Arabia. The General Organization for Social Insurance is its largest shareholder, with 25.6%.

63. QNB ALAHLI

Shariah-compliant Emirates Islamic Bank offers a range of products for individuals and small businesses as well as large corporations. In November 2021, it listed $500 million Sukuk on Nasdaq Dubai. The issuance, rated A+ by Fitch Ratings, was priced at 2.1% and was 2.4 times oversubscribed.

65. Nakilat

CEO: Mohamed Mahmoud Bedeir

• Country: Egypt • Sector: Banks & financial services

CEO: Abdullah Al-Sulaiti

• Country: Qatar • Sector: Logistics

Market Value: $2 billion Sales: $1.9 billion

Market Value: $5.4 billion Sales: $1.1 billion

Profits: $410 million Assets: $19.3 billion In 2013, the QNB Group acquired a majority stake in Egypt’s NSGB Bank and changed its name to QNB Alahli. It provides services for more than 1.3 million clients and employs over 6,991 people across a network of 231 branches. In March 2022, the bank launched an instant payment service in collaboration with InstaPay allowing its clients to transfer money between their accounts and other accounts in participating banks.

Profits: $372 million Assets: $8.9 billion Nakilat is a shipping and maritime company with a shipping fleet of 69 liquefied natural gas (LNG) carriers. The company provides shipping agency services through the Nakilat Agency Company. The company’s LNG carrier fleet has a capacity of more than nine million cubic meters, which is equivalent to 12% of the total global LNG fleet carrying capacity.

Companies

Market Value

Sales

Profits

Assets

$34.8 billion

$15.2 billion

$3.7 billion

$66.8 billion

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Profits: $283 million Assets: $27.1 billion

F O R B E S M I D D L E E A S T.C O M

• Country: U.A.E. • Sector: Banks & financial services Profits: $224 million Assets: $17.7 billion

Market Value: $6.2 billion Sales: $908 million

Real estate & Construction

CEO: Salah Amin Market Value: $11 billion Sales: $813 million

• Country: Saudi Arabia • Sector: Banks & financial services 48

64. Emirates Islamic

66. Dr. Sulaiman Al Habib Medical Services Group (HMG)

67. Qatar Fuel (WOQOD) CEO and Managing Director: Saad Rashid Al-Muhannadi

Group CEO: Nasser Al Haqbani

• Country: Qatar • Sector: Retail

• Country: Saudi Arabia • Sector: Healthcare

Market Value: $5.1 billion Sales: $5.4 billion

Market Value: $18.6 billion Sales: $1.9 billion

Profits: $275 million Assets: $3.7 billion

HMG began operations in 1995 with the Olaya Medical Complex in Saudi Arabia. Today, it has over 22 medical facilities across the GCC, including 11 hospitals and seven medical centers across Saudi Arabia, the U.A.E. and Bahrain. HMG employs 13,500 people. It had treated over four million patients as of the end of 2021. The group also provides several digital health solutions, including Tele-ICU and an electronic pharmacy that offers 40,000 different medical products. Sulaiman Al Habib owns 40% of the company’s shares.

WOQOD has the sole concession to distribute and market fuels to commercial, industrial, and government customers throughout Qatar. The company also supplies bitumen to fulfil road asphalting and construction needs in the country. It has 112 petrol stations across Qatar, with the latest opening in January 2022.

69. Boubyan Bank Vice-Chairman and Group CEO: Adel Abdul Wahab Al-Majed

• Country: Kuwait • Sector: Banks & financial services Market Value: $9.9 billion Sales: $831 million Profits: $157 million Assets: $24.1 billion

67. Savola Group

Boubyan Bank is an Islamic Shariah-compliant bank. In 2020, it acquired the Bank of London & The Middle East. The bank’s subsidiaries include investment arm Boubyan Capital, insurance company Boubyan Takaful, and real estate services company Boubyan National. In December 2021, the bank signed an agreement with the DIFC FinTech Hive to launch an accelerator program that aims to support the growth of Kuwaiti startups.

Group CEO: Waleed Khalid Fatani

• Country: Saudi Arabia • Sector: Food & Beverages Market Value: $5.2 billion Sales: $6.6 billion Profits: $106 million Assets: $7.6 billion

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The Savola Group operates grocery stores and produces food products in 50 countries through its two entities: Savola Foods and Savola Retail. In 2019, the group was added to the Morgan Stanley Capital Index as part of the Saudi Stock Exchange’s inclusion on the MSCI Emerging Market Index. It acquired Bayara Holding Limited in October 2021.

Retail

Companies

Market Value

Sales

Profits

Assets

$31.2 billion

$15.6 billion

$1.4 billion

$9.6 billion

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Profits: $370 million Assets: $2.9 billion

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70. AD Ports Group Managing Director and Group CEO: Mohamed Juma Al Shamisi • Country: U.A.E. • Sector: Logistics Market Value: $6.2 billion Sales: $1.1 billion Profits: $232 million Assets: $7.7 billion AD Ports Group has contributed 13.6% and more than $20.8 billion to Abu Dhabi’s non-oil GDP growth since its establishment. The group serves as a facilitator of logistics, industry, and trade. It has a portfolio of 10 ports and terminals and more than 550 square kilometers of economic zones within KIZAD and ZonesCorp. It went public in 2022 after raising $1.1 billion in its IPO. ADQ remains a majority shareholder with 75.4% ownership.

71. National Industrialization Co. (Tasnee) CEO: Mutlaq Al Morished • Country: Saudi Arabia • Sector: Industrials Market Value: $4 billion Sales: $979 million Profits: $548 million Assets: $6.7 billion Tasnee is one of Saudi Arabia’s largest industrial companies and one of the world’s largest investors in titanium dioxide. Alwaleed bin Talal’s Kingdom Holding Company owns 6.2%, making it the largest shareholder. Tasnee has 26 affiliates, including Khadamat, Taldeen, and Fahss. In March 2022, Tasnee signed an export credit insurance policy of $133 million with Saudi’s EXIM Bank, contributing to strengthening its presence in the global markets and increasing its market share.

72. Barwa Real Estate Group Group CEO: Abdullah Jobara AlRomaihi

• Country: Qatar • Sector: Real estate & Construction Market Value: $3.7 billion Sales: $949 million Profits: $307 million Assets: $10.3 billion Barwa operates 3.6 million square meters of total built space and a land bank of 5.5 million square meters. It also owns Waseef Asset Management Company, which provides asset, and property and facilities management services to Barwa’s projects. Barwa is 45% owned by Qatari Diar. In October 2021, Dar Al Eloum for Real Estate Development Company, a subsidiary of Barwa, announced a $176.2 million financing agreement with a local bank as part of its agreement with the Public Works Authority to develop eight schools. In the same month, Barwa’s Rawasi Real Estate Development Company signed a $59.8 million lease contract with the Supreme Committee for Delivery & Legacy for its “Madinatna” project.

Food & Beverages

Companies

Market Value

Sales

Profits

Assets

$18.8 billion

$10.8 billion

$527 million

$16.1 billion

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73. QIC Group

74. Qatar International Islamic Bank (QIIB)

Group CEO: Salem Khalaf Al Mannai

• Country: Qatar • Sector: Insurance

CEO: Abdulbasit Ahmed A. Al Shaibei

Profits: $173 million Assets: $12 billion QIC has nine companies, with operations in Qatar, Kuwait, Oman, the U.A.E., and Malta. In 2020, one of its subsidiaries, QLM, raised an IPO on the Qatar Stock Exchange, offering 60% of its share capital—it was the country’s first IPO since 2019. In April 2022, QIC announced the creation of Digital Venture Partners (QIC DVP), which will operate in the insurance and InsurTech ecosystem in MENA. In the same month, QIC announced that it was exploring the possibility of a merger with Vision Insurance SAOG through its majority-owned subsidiary, Oman Qatar Insurance Co. SAOG.

• Country: Qatar • Sector: Banks & financial services Market Value: $5.1 billion Sales: $700 million

Profits: $276 million Assets: $17 billion QIIB is the third largest Islamic bank on the Qatar Exchange in terms of market capitalization, with a market capitalization of $4.6 billion, as of March 2022. It has 15 branches in Qatar. The bank recorded a net profit of $81 million in Q1 2022, which represents an overall growth of 5% compared to the same period in 2021.

TOP 100 LISTED COMPANIES

Market Value: $2.2 billion Sales: $2.7 billion

75. Burgan Bank Vice Chairman and Group CEO: Masoud Hayat

• Country: Kuwait • Sector: Banks & financial services Market Value: $3.1 billion Sales: $1.2 billion Profits: $159 million Assets: $23.2 billion Established in 1977, Burgan Bank is a subsidiary of the Kuwait Projects Company (KIPCO). It has 159 branches serving 684,800 customers and employs 3,700 people. It’s majority-owned subsidiaries in the MENAT region include Gulf Bank Algeria, the Bank of Baghdad, Tunis International Bank, and Burgan Bank Turkey. Burgan Bank Group’s revenues increased by 10.3% in 2021.

76. Doha Bank Acting CEO: Gudni Stiholt Adalsteinsson

• Country: Qatar • Sector: Banks & financial services Market Value: $2.2 billion Sales: $1.2 billion Profits: $193 million Assets: $27.8 billion

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Doha Bank provides banking services to individuals, companies, and institutions. It has been rated “A” by Fitch in terms of its ability to meet its financial obligations. It has branches in Kuwait, the U.A.E., and India, in addition to representative offices in Japan, China, Singapore, Hong Kong, Australia, the U.K., Canada, Germany, and South Africa.

Insurance

Companies

Market Value

Sales

Profits

Assets

$7.5 billion

$5.6 billion

$340 million

$15.3 billion

F O R B E S M I D D L E E A S T.C O M

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77. National Bank of Ras Al Khaimah (RAKBANK) CEO: Raheel Ahmed

Group CEO: Yasser Zaghloul

• Country: U.A.E. • Sector: Banks & financial services Market Value: $2.4 billion Sales: $950 million Profits: $206 million Assets: $15.3 billion RAKBANK offers personal and business banking services throughout its 27 branches, in addition to Shariahcompliant services via its Islamic Banking unit, RAKislamic. RAKBANK recorded a 50% increase in net profit in 2021 compared to 2020, while customer deposits grew by $190.7 million to $10.3 billion. RAKBANK is 49.3% owned by the government of Ras Al-Khaimah. Raheel Ahmed became CEO in February 2022.

• Country: U.A.E. • Sector: Industrials Market Value: $4.1 billion Sales: $2.1 billion Profits: $273 million Assets: $3.5 billion National Marine’s key markets are the GCC, Egypt, and India. In 2021, it completed the acquisition of the National Petroleum Construction Company. With a backlog of projects worth $6.5 billion in 2021, NMDC will launch a new name for the group in 2022. Its fleet includes 130 vessels, including 19 dredgers, and three floating booster stations.

79. Bupa Arabia CEO and Managing Director: Tal Nazer

• Country: Saudi Arabia • Sector: Insurance Market Value: $5.3 billion Sales: $2.9 billion Profits: $167 million Assets: $3.3 billion Bupa Arabia was established as a joint venture between the British United Provident Association Limited, which owns 43.3% of the company shares, and the Saudi Nazer Group, which holds 9%. In 2008, the company went public on the Saudi Stock Exchange by offering 40% of its shares. It provides healthcare services and health insurance products to individuals, government institutions, and SMEs in Saudi Arabia. Its net premiums earned in 2021 stood at $2.8 billion.

Technology

Companies

Market Value

Sales

Profits

Assets

$7.3 billion

$2.1 billion

$222 million

$1.9 billion

F O R B E S M I D D L E E A S T.C O M

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TOP 100 LISTED COMPANIES

78. National Marine Dredging Company (NMDC)

80. Mesaieed Petrochemical Holding Company (MPHC) Chairman: Ahmad Saif Al-Sulaiti

CEO: Abdel Wahab AlRowwad

• Country: Qatar • Sector: Petrochemicals

• Country: Jordan • Sector: Industrials Market Value: $4.5 billion Sales: $1.5 billion Profits: $474 million Assets: $2.1 billion

Profits: $511 million Assets: $4.8 billion MPHC is a Qatari shareholding company affiliated with Qatar Energy Company, which holds a stake of approximately 65.45%. Listed on the Qatar Stock Exchange in 2014, the company provides petrochemicals and raw materials for the production of industrial and household products. In the first quarter of 2022, the company’s net profit increased by 17% compared to the same period in the previous year to reach $121.7 million.

81. Qatar Electricity & Water Company (QEWC) General Manager and Managing Director: Mohamed Nasser Al-Hajiri

• Country: Qatar • Sector: Utilities Market Value: $5.4 billion Sales: $680 million Profits: $409 million Assets: $5.1 billion

IMAGES FROM SOURCE

QEWC was established to own and manage power generation and water desalination stations. It is now the main supplier of electricity and desalinated water in Qatar, with a market share of 61% of electricity and 70 % of desalinated water in 2021. QEWC owns and operates seven power and desalinated water stations in Qatar and has partnered with major international companies to own and operate another five power and water companies in Qatar. QEWC invests in power and water assets globally through its subsidiary, Nebras Power.

83. Telecom Egypt Managing Director and CEO: Adel Hamed

• Country: Egypt • Sector: Telecommunications Market Value: $1.5 billion Sales: $2 billion Profits: $453 million Assets: $4.9 billion Telecom Egypt provides mobile, fixed lines, and data services. The company owns 45% of Vodafone Egypt. It acquired a 4G mobile license in late 2016 and began mobile services in 2017. Its revenue grew 16% in 2021, landing at $2 billion, driven by a 30% increase in data revenues, along with a 26% increase in infrastructure revenue. In March 2022, it signed an agreement with the European Investment Bank to secure a medium-term loan of $158 million to expand its 4G broadband network and improve mobile network coverage. The Egyptian government owns 80% of the company.

Companies

Market Value

Sales

Profits

Assets

$2.7 billion

$864 million

$196 million

$3.6 billion

F O R B E S M I D D L E E A S T.C O M

Jordan Phosphate Mines has activities in two complementary sectors: mining and phosphate fertilizer manufacturing. It owns four mines located in Jordan. In December 2021, JPMC acquired 10% of Mitsubishi’s shares in the Nippon-Jordan Fertilizer Company, which made it the largest shareholder with an 80% stake. In 2021, JPMC’s phosphate production reached 10 million tons, an increase of 12% compared to the previous year. In May 2022, the company signed agreements with a number of Indian companies valued at $1.5 billion to increase its exports, The Indian Potash Company Limited is the main shareholder in the company, with 27.4%.

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TOP 100 LISTED COMPANIES

Market Value: $9.6 billion Sales: $516 million

Aviation

82. Jordan Phosphate Mines Company

86. Gulf Bank

CEO: Omer Alnomany

CEO: Antoine Daher

• Country: Saudi Arabia • Sector: Technology

• Country: Kuwait • Sector: Banks & financial services

Market Value: $7.3 billion Sales: $2.1 billion

Market Value: $3.4 billion Sales: $734 million

Profits: $222 million Assets: $1.9 billion

Profits: $138 million Assets: $21.5 billion

Solutions by stc offers connectivity, cloud services, system, and cybersecurity integration among services. It covers digitization and technology integration across real estate, education, oil & gas, telecom, banking, and government sectors. The company employs 1,500 people and has a customer base of more than 24,000 clients across 35 Saudi cities. In 2021, Solutions’ revenue grew by 13.4%. stc owns 79% of the company’s shares.

Gulf Bank provides banking services to individuals and companies, in addition to treasury and other financial services. It has 53 branches in Kuwait. During Q1 2022, the bank recorded a net profit of $49 million, an increase of 25.7% compared to the same period in 2021. The Group of Kutayba Youssef Ahmad Alghanim is the bank’s largest shareholder, with a share of 32.7%.

85. Kingdom Holding Company (KHC) G

87. Ahlibank CEO: Hassan Ahmed AlEfrangi

• Country: Qatar • Sector: Banks & financial services

CEO: Talal Ibrahim Almaiman

• Country: Saudi Arabia • Sector: Investments

Market Value: $2.8 billion Sales: $548 million

Market Value: $9.6 billion Sales: $402 million

Profits: $196 million Assets: $13.2 billion

Profits: $268 million Assets: $13.6 billion Founded by Prince Alwaleed Bin Talal, KHC’s portfolio spans various sectors, including banking & finance, aviation, hospitality, e-commerce, digital services, real estate, healthcare, and education. KHC has whole, partial ownership and investments in Flynas, Citigroup, Banque Saudi Fransi, Deezer, Careem, Jd.com Inc., Kingdom Schools Company, Kingdom Hotel Investments, Four Seasons, Kingdom Hospitals and Consulting Clinics, TASNEE, Jeddah Economic Company, among others. In May 2022, Alwaleed bin Talal sold 16.9% of his share to the Public Investment Fund (PIF) for $1.5 billion, reducing his stake to 78.13% after the transaction

Healthcare

Companies

Market Value

Sales

Profits

Assets

$18.6 billion

$1.9 billion

$370 million

$2.9 billion

F O R B E S M I D D L E E A S T.C O M

Ahlibank offers services in corporate banking, retail and private banking, international banking, treasury and investments, and brokerage services. In April 2022, Ahlibank signed an agreement with Qatar Development Bank to launch the “Al Dhameen” program to support SMEs. In the same month, Ahlibank integrated its systems with the general tax authority to allow corporate customers to make their tax payments online. Ahlibank has 14 branches in Qatar and was Qatar’s seventh-largest conventional bank in terms of assets in 2021.

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TOP 100 LISTED COMPANIES

84. Solutions by stc

Group CEO: Khaled Kawan • Country: Bahrain

• Sector: Banks & financial services

Vice Chairman and CEO: Khalid Bin Kalban

• Country: U.A.E. • Sector: Investments Market Value: $2.9 billion Sales: $930 million

Market Value: $982 million Sales: $1.5 billion

Profits: $167 million Assets: $5.9 billion

Profits: $128 million Assets: $34.9 billion

Dubai Investments invests in various markets worldwide, including real estate, healthcare, education, finance, industrial, and retail. It has 50 subsidiaries, including Dubai Investments Park Development Company, Anchor Mozna Real Estate, Emirates District Cooling, the Edible Oil Company (Dubai), Techsource LLC UAE, and the Clemenceau Medical Center Dubai. Major shareholders are the Investment Corporation of Dubai with 11.5%, Al Fardan Real Estate with 6.1%, and Mohamed Saif Darwish Ahmed Al-Ketbi with 5.1%.

Bank ABC offers international wholesale banking services, with a network that spreads across five continents and 15 countries. Subsidiaries include Bank ABC Islamic, ABC Financial Services, and ABC Banks in Algeria, Egypt, Jordan, Tunisia, the U.K., and Brazil. Major shareholders are the Central Bank of Libya and the Kuwait Investment Authority. In 2021, ABC acquired a 99.5% stake in BLOM Bank Egypt. The group has been facilitating blockchain-based real-time payment solutions in collaboration with J.P. Morgan’s JPM Coin System and ALBA, under the supervision of the Central Bank of Bahrain.

88. Saudi Industrial Investment Group (SIIG) Group CEO: Abdulrahman Saleh Alismail

• Country: Saudi Arabia • Sector: Petrochemicals Profits: $485 million Assets: $3.3 billion The Saudi Industrial Investment Group is one of the petrochemical companies owned by the private sector in Saudi Arabia. The company owns 50% of shares in the Saudi Chevron Phillips Company, the Jubail Chevron Phillips Company, the National Petrochemical Company, and Aromatics Distribution. The General Organization for Social Insurance is the largest shareholder in the company, holding 18.6%. G

F O R B E S M I D D L E E A S T.C O M

91. Commercial Bank of Kuwait (Al-Tijari) CEO: Elham Yousry Mahfouz

• Country: Kuwait • Sector: Banks & financial services Market Value: $3.6 billion Sales: $488 million Profits: $179 million Assets: $14.1 billion

Market Value: $7.2 billion Sales: $508 million

IMAGES FROM SOURCE

90. Dubai Investments

IN GLOBAL 2000 LIST

The commercial Bank of Kuwait is the second oldest bank in Kuwait and is involved in the provision of banking, brokerage, and investment banking services and products, operating through corporate and retail banking, and treasury and investment banking segments. It offers fund management services through its Tijari Funds division. Al Sharq Holding Co owns 23.9% of the bank. It has stakes in Cham Islamic Bank, and Boubyan Bank. The bank contributed $33.5 million to a CBK Fund to support Kuwait’s efforts to fight the pandemic. NEW

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55 TOP 100 LISTED COMPANIES

88. Arab Banking Corporation (Bank ABC)

92. Jarir Marketing Company

94. Mobile Telecommunication Company Saudi Arabia (Zain KSA)

CEO and Vice Chairman: Abdulkarim Bin Abdulrahman Al-Agil

• Country: Saudi Arabia • Sector: Retail Market Value: $6.4 billion Sales: $2.4 billion

CEO: Sultan Bin Abdulaziz AlDeghaither

Profits: $264 million Assets: $1.1 billion

• Country: Saudi Arabia • Sector: Telecommunications

The Jarir Marketing Company is a retailer and wholesaler in Saudi Arabia and the wider GCC. The company trades in products such as office and school supplies, children’s toys, books and publications, computer peripherals and software, mobile phones, and accessories. Jarir plans to have over 80 showrooms in Saudi Arabia and GCC by 2025. In March 2022, Abdullah bin Abdul Rahman Al-Agil was appointed managing director and Mohammad bin Abdul Rahman Al-Agil was appointed chairman.

Market Value: $3.3 billion Sales: $2.1 billion Profits: $57 million Assets: $7.4 billion Zain KSA is a joint-stock company affiliated with Zain Group, which holds a stake of approximately 37%. It provides a mobile telecommunications network for individuals and businesses in Saudi. In February 2022, it announced that Saudi’s Public Investment Fund, Prince Saud Bin Fahad and the Sultan Holding Company had acquired 80% of the company’s 8,069 towers, valued at $807 million. The company’s net profits grew 97.6% in Q1 2022, compared to 2021.

93. Arab Potash Company (APC) President and CEO: Maen F. Nsour

Market Value: $4.3 billion Sales: $913 million

95. National Bank of Bahrain (NBB)

Profits: $305 million Assets: $1.9 billion

CEO: Jean-Christophe Durand

APC is the eighth largest potash producer by volume of production globally and the only producer of potash in the Arab world. It sold 2.63 million tons of potash in 2021. It operates under a grant for exclusive rights by the government of Jordan to extract, manufacture, and market minerals from the Dead Sea until 2058. It employs 2,014 people. The company’s whollyowned subsidiaries are KEMAPCO and Numeira. APC also has partial ownership in Jordan Bromine, Jordan Industrial Ports, and Nippon Jordan Fertilizer. Among APC’s main shareholders are Man Jia Industrial Development, the Government Investment Management Company Jordan, the Arab Mining Company, the Social Security Corporation of Jordan, and the government of Iraq.

• Country: Bahrain • Sector: Banks & financial services

• Country: Jordan • Sector: Industrials

F O R B E S M I D D L E E A S T.C O M

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NEW

Market Value: $3.4 billion Sales: $490 million Profits: $146 million Assets: $12 billion NBB was established as Bahrain’s first locally-owned bank. Today, it has a network of 26 branches kingdom, with a branch each in Abu Dhabi and Riyadh. It employs 1,110 people. In December 2021, NBB offered to finance an $8.8 million food sustainability project by the Ministry of Works, Municipalities Affairs and Urban Planning. CEO Jean-Christophe Durand joined NBB in 2016, before which he was the regional CEO of BNP Paribas for the Middle East and Africa. COUNTRY

SECTOR JUNE 2022

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TOP 100 LISTED COMPANIES

96. Nahdi Medical Co.

98. Air Arabia

CEO: Yasser Joharji

Group CEO: Adel Abdullah Ali

• Country: Saudi Arabia • Sector: Retail

• Country: U.A.E. • Sector: Aviation

Market Value: $5.9 billion Sales: $2.2 billion

Profits: $196 million Assets: $3.6 billion

Profits: $217 million Assets: $1.1 billion

Air Arabia’s fleet is comprised entirely of Airbus A320 and A321 aircraft. In 2021, the company added 44 new routes across its five hubs in the U.A.E., Morocco, and Egypt. Sharjah Asset Management Company is the largest shareholder in the company, with 18.6% of shares, followed by the Al Maha Holding Company with 9.2%. The company recovered from a loss of $52.3 million in 2020 to a net profit of $196.2 million in 2021.

Market Value: $2.7 billion Sales: $864 million

99. LafargeHolcim Maroc CEO: Jose Antonio Primo

• Country: Morocco • Sector: Industrials Market Value: $4.7 billion Sales: $838 million Profits: $206 million Assets: $2.1 billion LafargeHolcim Maroc was established following the merger of Lafarge Ciments and Holcim Maroc in 2016, which was the largest financial transaction carried out by the Casablanca Stock Exchange, amounting to $1 billion. Today, it has 40 production and distribution sites, with a total of 2,500 employees and subcontractors.

100. Bahrain Telecommunications Company (Batelco) CEO: Mikkel Vinter

• Country: Bahrain • Sector: Telecommunications

97. Qatar Navigation (Milaha) President and CEO: Abdulrahman Essa Al-Mannai

• Country: Qatar • Sector: Logistics Market Value: $2.7 billion Sales: $765 million

IMAGES FROM SOURCE

Profits: $200 million Assets: $4.8 billion Milaha has five strategic business areas: Milaha Maritime & Logistics, Milaha Capital, Milaha Gas & Petrochem, Milaha Trading, and Milaha Offshore. Government-owned Qatar Petroleum owns 8.6% of its shares. In 2021, Milaha signed a service contract for a 600,000-barrel capacity Floating Storage and Offloading unit. Abdulrahman Essa Al-Mannai has been the company’s CEO and President since 2015, before which he worked at Qatargas, the world’s largest liquefied natural gas company. G

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Market Value: $2.4 billion Sales: $1.1 billion Profits: $198 million Assets: $2.7 billion Batelco operates across 12 countries, including Jordan, Saudi Arabia, Egypt, Yemen, Maldives, Jersey, Diego Garcia, Ascension Island, and the Falkland Islands. The company is listed on the Bahrain Bourse. Bahrain Mumtalakat Holding Company is the main shareholder with a 36.7% stake, followed by the British Amber Holding Company with 20%. The company’s net profit at the end of 2021 increased by 16.7%, reaching $197.6 million compared to $169.2 million at the end of 2020. NEW

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57 TOP 100 LISTED COMPANIES

Nahdi Medical Co. listed its shares on the Saudi Stock Exchange in March 2022 after raising $1.4 billion in an IPO, which was the largest listing on the Saudi bourse since Saudi Aramco’s $29.4 billion record listing in 2019. Today, Nahdi Medical’s major shareholders are SEDCO and the Al-Nahdi Limited Company, which each owns 35%. The firm has more than 1,150 stores in 144 cities and towns across Saudi Arabia, with growing operations in the U.A.E. Nahdi Medical established a smart distribution center in March 2022, spanning an area of 250,000 sqm.

• TOP 100 LISTED COMPANIES •

JEAN-CHRISTOPHE DURAND

ROADMAP FOR REFORM

BY JAMILA GANDHI F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Jean-Christophe Durand, CEO of the National Bank of Bahrain

IMAGE FROM SOURCE

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JUNE 2022

JEAN-CHRISTOPHE DURAND

A long-time resident of Bahrain, Jean-Christophe Durand, CEO of the National Bank of Bahrain (NBB) and finance veteran, is a witness to the country’s economic transformation. “I vividly remember the first time I came to Bahrain 33 years ago,” Durand reminisces, glancing out his window. “If I look at the highway from the office, it was not a highway at the time, it was a road along the sea.” At that time, Bahrain was a small and hydrocarbon-dependent market. Less than two decades ago, oil accounted for 50% of Bahrain’s GDP, according to data by the Bahrain Economic Development Board. Today, it accounts for less than 20%. “What was once an emerging market is today a modern economy,” says Durand. NBB is one of the core businesses at the heart of the country’s journey. Established in 1957 as Bahrain’s first locally-owned retail bank, today it operates across three countries—Bahrain, Saudi Arabia, and the U.A.E.—and employs 1,110 people across the group. NBB’s consolidated net profit increased by 8.5%, from $134.5 million in 2020 to $145.9 million in 2021. Last year, the group maintained a leading position in the retail banking market, with more than 264,000 clients and an increase of approximately 18% in loan portfolio with a loan-to-deposit ratio of 71.3%. It reported $51.5 million in net profits attributable to equity shareholders for Q1 2022, an increase of 24% compared to $41.4 million in the same period of 2021. Listed on the Bahrain Bourse, NBB had a market cap of $3.4 billion as of May 2022. Durand credits Bahrain’s favorable business environment and early digital adoption for the bank’s year-on-year growth. “Bahrain’s economy has now improved after Covid, and NBB has been very prudent in terms of creating buffers during difficult pandemic times,” he says. Over the last five years, the nation has become home to one of the world’s F O R B E S M I D D L E E A S T.C O M

fastest-developing financial services sectors in terms of policies and regulations. In 2017, Bahrain launched a Fintech Regulatory Sandbox, and set up its Fintech hub, Bahrain Fintech Bay. In March 2022, Bahrain became the first country in MENA to grant a crypto asset license to Binance, one of the world’s largest cryptocurrency platforms by trading volume. “The new financial services sector strategy under the economic recovery plan aims to maintain the financial sector’s contribution to GDP in the range of 20% until the end of 2026 and then increase the contribution to 25%,” explains Ali Al Mudaifa, Chief Investment Officer of the Bahrain Economic Development Board. “The financial services contribution to GDP is now almost equal to oil, which is a major achievement over the past decade.” According to Mohamed Damak, Senior Director at S&P Global Ratings, as economic conditions gradually improve, Bahrain can expect loan growth over the next two years, driven primarily by the retail banking sector. “We think that Bahraini banks’ profitability will keep improving while reaching pre-pandemic levels of 7%-8% return on equity by 2023,” forecasts Damak. “Investments in technology and the use of digitization to improve operations will be a key focus area.” NBB is already on the case. In 2021, it launched a new iOS/Android mobile banking app “NBB Digital Banking” for its retail customers. Last year, online and mobile transactions represented 67% of the bank’s total 1.1 million transactions. “Over the past few years, we have invested a lot in technology because we needed to not only modernize the institution in line with the industry trends, but we must lead in this area as well,” says the CEO. “Every bank in the future will need to serve clients in a digital environment which goes beyond traditional banking services.” NBB aims to release a full upgrade of its corporate digital platform by the end of 2022. While considering the future banking environment, NBB has also made significant investments in embedding environmental, social, and governance (ESG) principles. In April, Refinitiv ranked it as the number one bank in the Arab World’s banking sector for its ESG efforts. NBB also placed within the top 10% of global banking services companies, earning a second-place ranking across all sectors in the Arab World. “While internationally ESG efforts have been taken seriously for the past decade, in the region, it was more of a nice-to-have rather than a must-have,” says Durand. “We have established our mark in this important domain and this part of our transparency mission. While it will be challenging to maintain a strong position in the future amongst other banks, it JUNE 2022

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“Bahrain’s economy has improved, and NBB has been very prudent in terms of creating buffers during difficult times.”

In 2021, NBB became the first bank in Bahrain to attain the ISO 14001:2015 Environmental Management Systems certification.

36% of businesses have some measurement in place, and only 17% are using that measurement to make improvements. NBB is bucking that trend, such as by tracking paper usage via a visual reporting tool. Thanks to this, it can prove that going digital has led to waste savings of over four million paper items per year from ATM receipts, 212,000 from account statements, and 250,000 from credit card statements. Overall, in 2021, the bank recycled approximately 24% of paper used and 343.6 kg of plastic waste. It’s now planning to extend the use of solar panels across its properties. For the impact to be longlasting, Durand says it is crucial that these measures are adopted company-wide. “ESG is a mindset. Everybody at the company needs to think how can they improve their ESG contribution? It’s important to have a

framework that can be embedded as part of their day-to-day-life.” NBB is not the first time that Durand has been tasked with reviving a traditional institution. His hiring over five years ago signaled a new era for the national bank. Durand was born and raised in France, graduating from the École Supérieure des Sciences Economiques et Commerciales business school in Paris before starting his career in 1980, working for the French government as a university lecturer in Cameroon for two years. In 1982, he began a 13-year stint with the now-defunct Banque Indosuez in French Polynesia, followed by a commercial banking and branch management role in Kenya and Bahrain. JUNE 2022

61 JEAN-CHRISTOPHE DURAND

gives room to healthy competition within the industry.” In 2020, NBB established a three-year sustainability roadmap and published Bahrain’s first fully-integrated Annual Financial and Sustainability Report. Since then, it has accomplished several key milestones. In 2021, it became the first bank in Bahrain to attain the ISO 14001:2015 Environmental Management Systems certification. It also established a Sustainability Committee last year to provide market intelligence, and monitor and report ESG progress and integration. The bank’s recently added sustainability-driven products and services include exclusive financing on solar panel installations, hybrid/electric car loans, and education loans. These support Bahrain’s commitment to meeting net-zero emission targets by 2060. “I think an area where we probably need to bring even more attention to is on the environmental side, like clean energy,” adds Durand. His approach to ESG is being echoed by other CEOs. According to KPMG’s 2021 CEO Outlook study, 68% of banking CEOs worldwide see global challenges such as income inequality and climate change as a threat to company growth. As a result, 37% of CEOs are planning to invest over 10% of revenues into becoming more sustainable. “Public and regulatory expectations are rapidly changing, and organizations can no longer ignore this demand for transparency and accountability in relation to ESG,” said Noeleen Cowley, Partner at KPMG UK, in a statement. “We see investors questioning compliance with ESG before looking at profitability,” reveals Ali Al Mudaifa. “The financial services sector does not work in isolation from the other sectors. Before financing or insuring an investment project, they also look at ESG factors and long-term sustainability.” However, challenges remain in monitoring and reporting progress in ESG. Findings from a 2021 Google Cloud survey of C-suite executives found that three out of four executives believe sustainability can drive powerful business transformations, but only

JEAN-CHRISTOPHE DURAND

In 1996, the finance veteran joined BNP in Bahrain as the Deputy CEO. He spearheaded the institution’s transformation after BNP’s merger with Paribas in 1998, leading the integration first in Bahrain and then at the GCC level. He spent the next 17 years with the brand, serving as regional CEO of BNP Paribas for the Middle East and Africa. He focused on modernizing and expanding its appeal, increasing its geographic presence, and opening the gateway to African business, including territories like South Africa and Morocco, all through Bahrain. When the Bahraini government approached him in 2016 to modernize NBB, Durand says he was ready for a change. “I would not have been interested in the role if the mandate had not been to change the institution and adapt it to a fast-moving environment. The idea was to do something different, to transform it,” he recalls. He assumed his current position as CEO in 2016. In the same year, he was awarded the “Legion d’ Honneur” by the

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Government of France. Today, he also serves on the board of directors of several professional committees in Bahrain, including the boards of Gulf Air, Batelco, and the Bahrain Islamic Bank. Durand is also the Chairman of the French Chamber of Commerce and Industry in Bahrain and is a Director of the Bahrain Institute of Banking and Finance. For the months ahead, the goal is clear for NBB: continue increasing and diversifying its retail clientele base to maintain its leading market share and to be top of mind with all private and government entities in Bahrain. “This is not unique for international banks, but for a local bank to take a leadership position in major transactions is something special,” says the CEO. “This Q1 successful result is not oneoff. It’s not just one good quarter. It is a momentum that we have built over a period of time even in a challenging environment and a momentum which we expect to continue.”

Middle East’s Top Banks These are the top five listed banks in the Middle East according to our list of the Middle East’s Top 100 Listed Companies 2022. Market values are as of April 21,2022. Bank

Country

Market value

QNB Group

Qatar

$59.1 billion

QNB is the largest bank in the Middle East and Africa and the second-largest entity in the region in terms of assets after Saudi Aramco.

Saudi National Bank (SNB)

Saudi Arabia

$87.3 billion

The largest bank in Saudi Arabia, SNB was formed by the merger of the National Commercial Bank and Samba Financial Group in April 2021.

Al Rajhi Bank

Saudi Arabia

$119.9 billion

Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of profits and market cap.

First Abu Dhabi Bank (FAB)

U.A.E.

$68.8 billion

The U.A.E.’s largest bank, FAB was created by a merger between the First Gulf Bank and the National Bank of Abu Dhabi in 2016.

Emirates NBD

U.A.E.

$25.8 billion

Emirates NBD was created by a merger between EBI and NBD in 2007.

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F O R B E S M I D D L E E A S T.C O M

JUNE 2022

TOP 50 LISTED COMPANIES IN EGYPT

TOP 50 LISTED COMPANIES IN EGYPT 2022

espite economic turmoil, Egypt’s listed companies have continued to perform over the last year, with the financial, industrial, and real estate sector leading growth. Our Top 50 Listed Companies In Egypt ranking features the most valuable and profitable players in the country. The aggregate market value of the top 50 stands at $28.5 billion, while the value of assets exceed $142 billion. The companies generated $39.1 billion in aggregate revenues and $5.4 billion in net income. The banking and financial services sector is the most represented with 16 entries, followed by real estate and industrials with eight, and seven companies, respectively. CIB, Egypt’s largest private bank, tops the list with total assets of $26.8 billion in 2021, followed by QNB ALAHLI, Telecom Egypt, and Elsewedy Electric. The Talaat Moustafa Group Holding follows as Egypt’s largest listed real estate company. The aggregate turnover of the top 10 alone jumped by 31% in 2021 compared to the year before to hit $22.8 billion, while net income soared by 59% to touch $3 billion. While Egypt has recently devalued its local currency by over 15%, the country’s companies have started to lure foreign investments. Abu Dhabi’s ADQ has bought stakes in five companies including CIB, Fawry, and MOPCO for $1.8 billion. Qatar has announced that it plans to invest $5 billion in Egypt and, in March 2022, Saudi Arabia signed an agreement regarding its Public Investment Fund investing in the country.

Methodology We collected data from the Egyptian Exchange and ranked companies based on market value, sales, assets, and profits. We excluded companies that hadn’t disclosed their 2021 audited financial statements as of April 20, 2022. Currency exchange rates and market cap calculations were taken as of April 21, 2022.

Year

Total market value

Total sales

Total profits

Total assets

2022

$28.5 billion

$39.1 billion

$5.4 billion

$142.2 billion

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

F O R B E S M I D D L E E A S T.C O M

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TOP 50 LISTED COMPANIES IN EGYPT

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JUNE 2022

TOP 50 LISTED COMPANIES IN EGYPT 2022 1. Commercial International Bank (CIB) CEO and Managing Director: Hussein Abaza

• Sector: Banking and financial services

2. QNB ALAHLI CEO: Mohamed Mahmoud Bedeir

• Sector: Banking and financial services Market Value: $2 billion Sales: $1.9 billion Profits: $410 million Assets: $19.3 billion

Market Value: $4.5 billion Sales: $2.7 billion Profits: $713 million Assets: $26.8 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,307 people and serves more than 1.6 million customers across 213 branches. CIB has several subsidiaries under its umbrella, including CVentures and the Mayfair CIB Bank in Kenya. In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E’s ADQ—acquired a 18.6% stake in CIB for $987.5 million. Hussein Abaza became CEO in 2017.

In 2013, Qatari QNB Group acquired the majority stake of Egypt’s NSGB Bank and changed its name to QNB ALAHLI. It provides services for more than 1.3 million clients and employs over 6,991 people across a network of 231 branches. In March 2022, the bank launched an instant payment service in collaboration with Instapay allowing its clients to transfer money between their accounts and other accounts in participating banks.

3. Telecom Egypt CEO and Managing Director: Adel Hamed

• Sector: Telecommunications Market Value: $1.5 billion Sales: $2 billion Profits: $453 million Assets: $4.9 billion Telecom Egypt provides mobile, fixed lines, and data services. The company owns 45% of Vodafone Egypt. It acquired a 4G mobile license in late 2016 and began mobile services in 2017. Its revenue grew 16% in 2021, landing at $2 billion, driven by a 30% increase in data revenues and a 26% increase in infrastructure revenue. In March 2022, it signed an agreement with the European Investment Bank to secure a medium-term loan of $158 million to expand its 4G broadband network and improve mobile network coverage. The Egyptian government owns 80% of the company.

Banking and financial services

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$11.8 billion

$9.5 billion

$2 billion

$92.8 billion JUNE 2022

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TOP 50 LISTED COMPANIES IN EGYPT

4. Elsewedy Electric

5. Talaat Moustafa Group Holding (TMG Holding)

• Sector: Industrials Market Value: $878 million Sales: $3.3 billion Profits: $205 million Assets: $3.6 billion The Elsewedy family started Elsewedy Electric as an electrical components manufacturer and trader 80 years ago. It has since grown to become a global integrated energy, digital, and infrastructure solutions provider. The company has a presence in Egypt, Africa, the GCC, Europe, Asia, the U.S., Australia, and New Zealand. The company has been listed on the Cairo stock exchange since 2006. Subsidiaries include EgyTech Cables, SEDCO for petroleum Services, and Rowad Modern Engineering. In 2021, Elsewedy Electric acquired PT CG Power Systems Indonesia and Validus Engineering Pakistan. It also began developing the Egyptian Industrial Park in Tanzania.

CEO and Managing Director: Hisham Talaat Moustafa

• Sector: Real Estate & Construction Market Value: $953 million Sales: $825 million Profits: $96 million Assets: $7.5 billion TMG Holding is the largest listed real estate company in Egypt with $7.5 billion in assets in 2021. The 50-year-old group has developed over 33 million sqms of land and sold over 90,000 units. It currently has a land bank of 74 million sqms. Among its flagship projects are Al Rehab City, which covers over 9.9 million sqms and hosts 200,000 residents, and Madinaty, which covers over 33.6 mn sqm of land with 700,000 target residents. The company has lately laid the foundation stone for its Noor City project, which will cover 5,000 acres in front of the New Administrative Capital.

6. Al Ezz Dekheila Steel Co. – Alexandria (EZDK) Managing Director: Raed El-Beblawy

• Sector: Industrials Market Value: $562 million Sales: $3.3 billion Profits: $314 million Assets: $2.7 billion

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Previously known as Alexandria National Iron and Steel Co, AL Ezz Dekheila Steel Co.– Alexandria is a subsidiary of Ezz Steel. It is the largest steel manufacturing facility in Egypt, with a total capacity of 3.2 million tons of finished steel products per year. Ezz Steel owns 64% of AL Ezz Dekheila Steel Co.– Alexandria, the National Investment Bank owns 8.2%, and the National Bank of Egypt owns 5.8%. The company’s sales nearly doubled in 2021, following a net loss in 2020. The company’s subsidiaries include Ezz Flat Steel, Ezz Rolling Mills, and the Hadid for Industry, Trading, and Contracting Company (Contrasteel). The company acquired 18% of Egyptian Steel in 2022.

Real Estate & Construction

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$3.1 billion

$6.3 billion

$637 million

$21.9 billion JUNE 2022

67 TOP 50 LISTED COMPANIES IN EGYPT

Managing Director: Ahmed El-Sewedy

9. Eastern Company

CEO: Osama Bishai

CEO and Managing Director: Hany Aman

• Sector: Real Estate & Construction

• Sector: Retail

Market Value: $464 million Sales: $3.5 billion

Market Value: $1.3 billion Sales: $861 million

Profits: $125 million Assets: $4.1 billion

Profits: $230 million Assets: $1.2 billion

Orascom Construction was established more than 72 years ago by late billionaire Onsi Sawiris, the father of the Arab world’s current richest billionaire Nassef Sawiris. The company signed new awards in the Middle East worth $2 billion in 2021. Orascom Construction owns 50% of BESIX Group and has a construction materials, facilities management, and equipment services portfolio. In October 2021, Orascom Construction joined the Green Hydrogen Consortium with Fertiglobe, Scatec, and the Sovereign Fund of Egypt to develop Egypt’s first green hydrogen production facility. The company has been listed on Nasdaq Dubai since 2015.

The Eastern Company is the only local manufacturer of cigarettes in Egypt. During the financial year ending June 2021, the company produced 70 billion cigarettes and sold nearly 67 billion, an increase of 12% compared to the previous year. In December 2021, the Eastern Company entered an agreement with the Al-Mansour International Distribution Company to manufacture the Evolve brand, which is a product of the Imperial Tobacco Group.

10. Faisal Islamic Bank of Egypt (FIBE) Governor: Abd El Hamid Abo Moussa

• Sector: Banking and financial services Market Value: $390 million Sales: $767 million Profits: $162 million Assets: $7.2 billion FIBE has 39 branches across Egypt. Client accounts increased by 5.3% to hit 1.9 million by the end of March 2022. The Al Awqaf Egyptian Authority is the largest shareholder in the bank with 15.35%, followed by Ithmaar Bank with 14%.

8. Ezz Steel Managing Director: Hassan Nouh

• Sector: Industrials Market Value: $408 million Sales: $3.6 billion Profits: $290 million Assets: $2.7 billion Ezz Steel has a total production capacity of seven million tons of finished steel products per year. In 2021, the company produced 2.9 million tons of long products and 2.1 million tons of flat steel. The company’s sales increased 75% in 2021 compared to 2020. The company’s founder, Ahmed Ezz, owns 60.7% of Ezz Steel.

Industrials

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$5.4 billion

$12.4 billion

$1.3 billion

$12.4 billion JUNE 2022

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TOP 50 LISTED COMPANIES IN EGYPT

7. Orascom Construction

11. Emaar Misr CEO: Mostafa Elkady

• Sector: Real Estate & Construction Market Value: $658 million Sales: $596 million Profits: $221 million Assets: $3.4 billion Emaar Misr plans and constructs urban areas in Egypt. It is affiliated with Emaar Properties PJSC, which owns an 87% stake. Emaar Misr’s real estate investments reached $119.6 million in 2021, compared to $55.86 million in 2020. In January 2022, the company contracted Redcon Construction and Solid Construction to start construction on the first phase of the Belle Vie project, with a total value of $64.9 million.

TOP 50 LISTED COMPANIES IN EGYPT

11. Egypt Kuwait Holding (EKH) CEO: Sherif El-Zayat

• Sector: Investments Market Value: $829 million Sales: $768 million Profits: $226 million Assets: $2.2 billion EKH’s portfolio of investments includes more than 20 companies across five sectors: fertilizers and petrochemicals, upstream gas, gas distribution, power generation, and insurance. EKH employs over 5,000 people. The company increased its electricity generation capacity by 20 megawatts in Q4 2021, bringing its total power generation capacity to 115 megawatts. It also expanded its power distribution license by an additional 40 megawatts. Revenues from the fertilizers and petrochemicals sector amounted to $447.9 million in 2021, representing 54% of the company’s revenues, while revenues from the energy and insurance sectors represented 24% and 22%, respectively.

13. Misr Fertilizers Production Company (MOPCO) Chairman and Managing Director: Ibrahim Mekky

• Sector: Industrials Market Value: $1.2 billion Sales: $552 million Profits: $258 million Assets: $1.4 billion

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MOPCO produces approximately two million tons of urea as a basic product and 56,760 tons of ammonia as an intermediate product annually. The company also exports urea to Europe, Latin America, Asia, Africa, and North America. MOPCO’s net profits increased by 92.5% to reach $258 million in 2021, compared to $134 million in 2020. The company was established in 1998. The Egyptian Petrochemical Holding Company is the main shareholder with a 30.7% stake, followed by the Ministry of Finance with 26%.

Pharmaceuticals

F O R B E S M I D D L E E A S T.C O M

14. EFG Hermes Holding Group CEO and Chairman of the Executive Committee: Karim Awad

• Sector: Banking and financial services Market Value: $860 million Sales: $447 million Profits: $85 million Assets: $5.2 billion EFG Hermes Holding is one of the largest financial institutions in MENA. It employs more than 6,000 people across 13 countries, including Egypt, the U.A.E., Saudi Arabia, Kuwait, the U.S., the U.K., and Pakistan. Additionally, the group has a buy-side business that manages over $4 billion of assets under management in public and private markets. It entered Egypt’s commercial banking sector in November 2021, when it acquired a 51% stake in the Arab Investment Bank.

Companies

Market Value

Sales

Profits

Assets

$413 million

$1.5 billion

$71 million

$1.1 billion JUNE 2022

15. Abu Qir Fertilizers and Chemicals Company (AFC) Chairman & CEO: Abed Ezz El-Regal

• Sector: Automotive Profits: $99 million Assets: $1.7 billion

Market Value: $1.7 billion Sales: $475 million Profits: $189 million Assets: $583 million Abu Qir Fertilizer produces 50% of the total Egyptian nitrogen fertilizers. The company produces and markets all types of chemical products and other related materials in Egypt and abroad. The Abu Dhabi Sovereign Fund (ADQ) acquired 21.5% of the company in April 2022 in a deal worth $391.9 million. The company recorded net profits of $189 million in 2021, an increase of 30.5% compared to 2020.

GB Auto Group provides its services through two main entities: GB Ghabbour Auto and GB Capital. Its five subsidiaries are GB lease, Drive, Mashroey, Haram Tourism Transport, and Tasaheel. The group has direct sales in Egypt and Iraq, while RG Investments Sarl is the major shareholder with a 58.5% stake. In 2019, GB Capital, the Talaat Moustafa Group, and EFG Hermes launched a joint mortgage finance company to offer long-term mortgages for new move-in homes. The group’s net profits increased 65.5% in 2021 to reach $99 million, compared to $60 million in 2020.

16. Housing & Development Bank (HDB) Chairman and Managing Director: Hassan Ghanem

• Sector: Banking and financial services Market Value: $303 million Sales: $475 million Profits: $109 million Assets: $4.3 billion HDB serves more than two million customers and employs 2,718 people across 97 branches. It has direct and indirect ownership positions in 14 subsidiaries and sister companies. The New Urban Communities Authority is the main shareholder in the bank, with a 29.8% stake. In September 2021, the bank signed a joint cooperation protocol with El Sewedy Electric Company to be the main partner in establishing the third branch of El Sewedy Technical Academy in the Sadat Industrial Zone.

18. Crédit Agricole Egypt Managing Director: Jean-Pierre Trinelle

• Sector: Banking and financial services Market Value: $442 million Sales: $352 million Profits: $87 million Assets: $3.3 billion Credit Agricole Egypt provides corporate, retail, and investment banking services. It employs more than 2,540 people across 82 branches. The Credit Agricole Group in France is the bank’s main shareholder, with 60.5% stake. Credit Agricole Egypt’s digital customer base grew by 22% in 2021, which led to an increase in digital transactions by 44% for individuals and 113% for companies.

Investments

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$1.1 billion

$1.7 billion

$255 million

$2.9 billion JUNE 2022

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TOP 50 LISTED COMPANIES IN EGYPT

Founder and Chairman: Raouf Ghabbour Market Value: $228 million Sales: $1.7 billion

• Sector: Industrials 70

17. GB Auto Group

19. Abu Dhabi Islamic Bank - Egypt (ADIB) CEO and Managing Director: Mohamed Aly

• Sector: Banking and financial services Market Value: $136 million Sales: $491 million Profits: $78 million Assets: $4.9 billion ADIB Egypt was created in 2007 when ADIB and the Emirates International Investment Company acquired the National Bank for Development. It provides Shariah-compliant financial services across 70 branches and employs more than 2,094 people. The bank has three banking arms: ADIB Capital, ADILease, and ADIB Invest. The bank recorded $78 million in net profits in 2021, an increase of 21.3% compared to 2020.

21. Al Baraka Bank Egypt Vice Chairman and CEO: Hazem Hegazy

• Sector: Banking and financial services

Chairwoman: Yasmine Khamis

Market Value: $188 million Sales: $407 million

• Sector: Industrials Market Value: $269 million Sales: $613 million Profits: $65 million Assets: $762 million The Oriental Weavers Group manufactures carpets and rugs. International sales account for about 68% of its revenues. The company distributes its products across more than 130 countries, with manufacturing facilities in Egypt, the U.S., and China and distribution hubs in the U.K., U.S., and Dubai.

Profits: $61 million Assets: $4.4 billion The Bahrain-based Al Baraka Banking Group is the major shareholder in Al Baraka Bank Egypt, with a 73.7% stake. The bank offers Shariah-compliant financial services across 32 branches. It employs 961 people. In 2018, the bank established the Al Baraka Financial Investments Company, with $10.9 million in capital. Hazem Hegazy was appointed CEO and Vice Chairman in October 2021.

22. Raya Holding For Financial Investments Founder and Chairman : Medhat Khalil

• Sector: Investments Market Value: $257 million Sales: $906 million Profits: $29 million Assets: $775 million

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Raya Holding For Financial Investments was founded in 1999 through the merger of seven national IT companies. The investment conglomerate manages 39 subsidiaries. El-Pharonia For Real Estate Investment Company is the main shareholder in the company, with a 26.6% stake. The company operates in different areas, including IT, food and beverage, land transportation, and electronic payments. It has affiliated offices in Saudi Arabia, the U.A.E., Poland, and Nigeria. It employs more than 14,000 people. In May 2021, the company sold one of its subsidiaries, BariQ for Advanced Manufacturing, to Intro for Waste Management, in a deal worth $26.7 million.

Retail

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$1.5 billion

$1.3 billion

$250 million

$1.4 billion JUNE 2022

TOP 50 LISTED COMPANIES IN EGYPT

20. Oriental Weavers Carpet

23. Palm Hills Developments Chairman and Group CEO: Yasseen Mansour

• Sector: Real Estate & Construction Market Value: $254 million Sales: $415 million Profits: $46 million Assets: $2.2 billion Palm Hills Development Company has a land bank of over 34.6 million square meters. It has delivered 12,475 units within its developments. The company has projects under development across Egypt in West Cairo, East Cairo, North Coast, and Alexandria. It has a sales backlog of around $820 million. Founder, Group CEO and Chairman Yasseen Mansour has a net worth of $1.1 billion, according to Forbes’ World’s Billionaires 2022 ranking.

24. Egyptian Gulf Bank (EGBANK) Vice Chairman & Managing Director: Nidal Assar

• Sector: Banking and financial services Market Value: $146 million Sales: $440 million Profits: $37 million Assets: $4.3 billion

24. Orascom Development Egypt (ODE)

The Egyptian Gulf Bank (EGBANK) was established to support developmental projects in Egypt and the Arab world. The bank has 60 branches and employs 1,979 people. The bank owns the Egyptian Gulf Holding Company for Financial Investments. The Misr Insurance Company is the bank’s main shareholder, with an 11% stake.

Petrochemicals

F O R B E S M I D D L E E A S T.C O M

CEO: Omar El Hamamsy

• Sector: Real Estate & Construction Market Value: $251 million Sales: $379 million Profits: $71 million Assets: $1.2 billion ODE develops fully-integrated destinations, including hotels, residential units, and leisure facilities. Its flagship project is Al Gouna City, which covers 10 kilometers of shoreline along the Red Sea coast with a total land area of 36.9 million sqms, of which 15 million sqms have so far been developed. ODE owns a land bank of 50.25 million sqms and 24 hotels. ODE is the largest subsidiary of Orascom Development Holding (ODH).

Companies

Market Value

Sales

Profits

Assets

$505 million

$824 million

$56 million

$522 million JUNE 2022

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TOP 50 LISTED COMPANIES IN EGYPT

26. Integrated Diagnostics Holdings (IDH) Group CEO: Hend El Sherbini

• Sector: Healthcare Market Value: $616 million Sales: $281 million Profits: $80 million Assets: $335 million

73 TOP 50 LISTED COMPANIES IN EGYPT

IDH operates in the healthcare sector in Egypt, Jordan, Sudan, and Nigeria. In December 2021, the company announced that it was acquiring 50% of Base Consultancy FZ LLC, the holding company of Islamabad Diagnostic Centre, from the Evercare Group, for $72.4 million. The International Finance Corporation raised its stake in IDH to 5% in April 2022. Hend El Sherbini has been the group’s CEO since 2012. The company is listed on the London Stock Exchange in May 2015.

27. Six Of October Development & Investment (SODIC) Managing Director: Magued Sherif

• Sector: Real Estate & Construction Market Value: $226 million Sales: $372 million Profits: $47 million Assets: $1.4 billion

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SODIC is a mixed-use developer with a land bank of 16 million sqms. In December 2021, Aldar Properties and ADQ acquired 85.5% of SODIC for $386.8 million. SODIC recorded gross contracted sales of $621 million in 2021, an increase of 54% compared to 2020. The company has signed a long-term syndicated facility with Arab African International and Banque Misr for $86 million to finance SODIC West in West Cairo. In July 2021, SODIC closed its first securitization bond issuance for a gross receivable portfolio of $19 million.

Food and Beverages

F O R B E S M I D D L E E A S T.C O M

28. Export Development Bank of Egypt (EBank) Deputy Chairman: Ahmed Mohamed Galal

• Sector: Banking and financial services Market Value: $136 million Sales: $318 million Profits: $37 million Assets: $3.8 billion EBank started operations in 1983 to boost Egyptian exports in sectors such as agriculture, industrials, and commerce. In May 2022, the bank increased its capital by 200 million shares, worth $109 million. Its subsidiaries include Egypt Capital Holding, the Egyptian Tourism Development Company, and the Export Credit Guarantee Company of Egypt. State-owned banks control over 75% of EDBE, with the National Investment Bank holding a 40.8% stake, Banque Misr holding 23.1%, and the National Bank of Egypt holding 11.6%, as of March 2022.

Companies

Market Value

Sales

Profits

Assets

$689 million

$756 million

$57 million

$521 million JUNE 2022

29. CI Capital Holding For Financial Investments Managing Director and Group CEO: Hesham Gohar

• Sector: Banking and financial services Profits: $33 million Assets: $3.1 billion

Market Value: $202 million Sales: $198 million Profits: $83 million Assets: $995 million CI Capital Holding For Financial Investments provides leasing, microfinance, mortgage finance, consumer finance, and investment banking products and services. Its investment banking arm advised on six deals in Egypt worth over $1.6 billion in total in 2021. These include Aldar Properties and ADQ’s acquisition of an 85.5% stake in SODIC and Arab Banking Corporation’s acquisition of a 99.4% stake in BLOM Bank Egypt. CI Capital’s operations extend to New York and Dubai. The group employs over 2,900 people.

Suez Canal Bank was established in 1978 and listed on Cairo and Alexandria’s stock exchange in 1982. Today, it has 49 branches across the country, with a representative office in Libya. The Arab International Bank owns 41.48% of the bank, the Libyan Foreign Bank Tripoli holds 27.7%, and the Suez Canal Authority (Pension Fund) owns 10.1%.

30. Juhayna Food Industries CEO: Niels Thomsen

• Sector: Food and Beverages Market Value: $380 million Sales: $473 million Profits: $28 million Assets: $294 million Juhayna Food Industries manufactures, processes, and packages dairy, juice, and cooking products. The company has four facilities and a network of distribution centers serving more than 136,000 retail outlets. It also has a dairy farm that has the capacity to house 7,000 milking cows. Pharon Investment Limited owns 50% of Juhayna, while Rimco EGT Investment owns 10.6%. Niels Thomsen was appointed as Group CEO in February 2022.

Healthcare

F O R B E S M I D D L E E A S T.C O M

32. Alexandria Container & Cargo Handling Company Executive Managing Director: Yasser Heikal

• Sector: Shipping & Transportation Services Market Value: $590 million Sales: $129 million Profits: $76 million Assets: $267 million Alexandria Containers and Goods operates two main terminals: the Alexandria Terminal, with a capacity of 500,000 TEUs, and the El-Dekheilla Terminal, with a capacity of a million TEUs. In April 2022, Alpha Oryx Limited—a subsidiary of ADQ— acquired a 32% stake in the company in a deal valued at $186.1 million.

Companies

Market Value

Sales

Profits

Assets

$1.1 billion

$418 million

$102 million

$520 million JUNE 2022

IMAGES FROM SOURCE

TOP 50 LISTED COMPANIES IN EGYPT

Chairman and Managing Director: Hussein Refaie Market Value: $128 million Sales: $264 million

• Sector: Financial services 74

31. Suez Canal Bank

33. Ibnsina Pharma

35. e-Finance Investment Group

Cofounders and Co-CEOs: Mahmoud Abdel Gawad and Omar Abdel Gawad

Chairman and CEO: Ibrahim Sarhan

• Sector: Pharmaceuticals

Market Value: $1.7 billion Sales: $106 million

• Sector: Financial services Profits: $28 million Assets: $271 million

Profits: $17 million Assets: $607 million

E-finance For Digital and Financial Investments was established to operate the Egyptian government’s financial network. Its flagship subsidiary, e-finance for Digital Operations, processed 346 million government transactions in 2021 with a total value of $39.4 billion. In October 2021, the statecontrolled company completed an IPO that valued it at $1.2 billion. It was the largest IPO in the Egyptian stock market since 2005, with proceeds amounting to $319 million. The company jointly launched e-Tax in 2021 with the Ministry of Finance and the Egyptian Tax Authority.

Ibnsina distributes healthcare products for more than 350 companies locally and internationally. Pfizer, Glaxo, and AstraZeneca are among its most prominent suppliers. Its client list includes more than 46,000 customers in Egypt. The company has a fleet of 750 commercial trucks and distribution centers across over 64 locations. In November 2020, the group established AIM for investment and consulting in healthcare with an issued capital of $16.4 million and then acquired a 75% stake in “3elagi tech” for $1.4 million. In November 2021, Ibnsina established Ramp Logistics and Digi 360 Software.

36. Edita Food Industries Chairman and Managing Director: Hani Berzi

34. Sidi Kerir Petrochemicals Company – SIDPEC Chairman and CEO: Mohamed Ibrahim

• Sector: Petrochemicals Market Value: $260 million Sales: $276 million Profits: $29 million Assets: $317 million

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Sidi Kerir produces ethylene, polyethylene, Butene-1, and LPG. The company has eight distributors in Egypt, as well as distributors in 25 countries, including the U.A.E., the U.S., France, the U.K., Austria, China, and Germany. The Egyptian Petrochemical Holding Company is the main shareholder with a 20% share, followed by the Social Insurance Fund for government employees with 19.2%.

Education Services

F O R B E S M I D D L E E A S T.C O M

• Sector: Food and Beverages Market Value: $309 million Sales: $282 million Profits: $28 million Assets: $227 million Edita produced 120,800 tons of snack foods in 2021 through six industrial facilities. It launched well-known brands including Molto, TODO, Bake Rolz, Bake Stix, Mimix, Freska, HoHo’s, Twinkies, Tiger Tail, and Oniro. Edita exports its products to 17 countries in the Middle East and North Africa. It has 25 distribution centers and a fleet of 847 distribution vehicles. In addition to its operations in Egypt, it has a direct presence in Morocco through its joint venture with the Moroccan Dislog Group. In April 2022, Edita announced the opening of a new factory in Morocco.

Companies

Market Value

Sales

Profits

Assets

$361 million

$75 million

$18 million

$242 million JUNE 2022

75 TOP 50 LISTED COMPANIES IN EGYPT

Market Value: $137 million Sales: $1.2 billion

36. Alexandria Mineral Oils Company (AMOC) Chairman and Managing Director: Ehab Mabrouk

• Sector: Petrochemicals Market Value: $245 million Sales: $548 million Profits: $27 million Assets: $205 million AMOC produces oil and fuel products such as gas oil, fuel oil blend, Naphtha, and base oils. The company plans to reduce electrical consumption by 3% and gas consumption by 2% by 2023. It saw its sales increase by over 13% in 2021.

38. Societe Arabe Internationale De Banque (saib) Chairman and Managing Director: Tarek Alkholy

• Sector: Banking and financial services Market Value: $62 million Sales: $446 million Profits: $20 million Assets: $4.5 billion saib offers conventional and Shariah-compliant banking services. It also has several mutual funds, including the SAIB Fund 2 and the Sanabel Islamic Fund. The Arab International Bank is the major shareholder with a 50.4% stake, while the Arab Contractors Investment Company holds 17.3%, and Misr Insurance Company owns 11.3%. saib has been the official sponsor for Egyptian football since 2014.

39. Egyptian International Pharmaceuticals (EIPICO) Chairman and Managing Director: Ahmed Kelani

• Sector: Pharmaceuticals Market Value: $187 million Sales: $185 million Profits: $28 million Assets: $284 million EPICO is a provider of antibiotics, lyophilized products, and spansule capsules. It produces 400 pharmaceutical products. The company exports its products to more than 70 countries, including European, African, Asian, Latin American, and Commonwealth countries. It has a 22% market share of Egypt’s total pharmaceutical product exports in 2021.

Automotive

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$228 million

$1.7 billion

$99 million

$1.7 billion JUNE 2022

IMAGES FROM SOURCE

TOP 50 LISTED COMPANIES IN EGYPT

Chairman and Managing Director: Ahmed Anis

• Sector: Media Market Value: $145 million Sales: $112 million Profits: $31 million Assets: $615 million Nilesat was the first company in Egypt to operate and control satellites in geostationary orbit. It launched Nilesat-101, Nilesat-102, and Nilesat-201 between 1998 and 2010. It is joining forces with SpaceX to launch Nilesat-301 in 2022. The company claims to have more than 270 million viewers in MENA and the Gulf region.

41. MM Group For Industry And International Trade (MTI) Group CEO: Khaled Mahmoud

• Sector: Retail Market Value: $179 million Sales: $484 million Profits: $20 million Assets: $198 million MTI is a distribution company with access to over 40,000 points of sale. It operates various business lines, including consumer electronics, telecommunication, automotive, seamless pipes, and tractors. The consumer electronics line represented 65.9% of revenues in 2021, while telecom represented 12.5%, and automotive 20.1%. The company has partnerships with brands including Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier, and Bosch.

42. Cleopatra Hospitals Group (CHG) Group CEO: Ahmed Ezzeldin

• Sector: Healthcare Market Value: $454 million Sales: $137 million Profits: $22 million Assets: $185 million

The Cleopatra Hospital Group operates six hospitals in Egypt with a combined capacity of 789 beds. Its facilities include Cleopatra Hospital, Cairo Specialized Hospital, Nile Badrawi, Al Shorouk, El Katib, and Queens Hospital. The group claims to have served over a million people and performed 35,000 surgeries in 2021. Around 80% of its revenues are generated from hospital-focused services.

TOP 50 LISTED COMPANIES IN EGYPT

40. Egyptian Satellites (Nilesat)

43. Contact Financial Holding Managing Director and Group CEO: Said Zater

• Sector: Financial services Market Value: $225 million Sales: $113 million Profits: $26 million Assets: $340 million

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Contact is a non-banking financial services provider offering consumer and corporate financing and insurance services. Its financing division grew by 33% in 2021, with a total portfolio worth $561.7 million. Its insurance division had gross written premiums worth $28.2 million, up 82% from 2020. In July 2021, it closed its second Sukuk issuance of $136.3 million by the Sarwa Sukuk Company. It also relaunched contactcars.com, which includes an AI-based pricing tool that averages 40,000 car valuations per month.

Media

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$145 million

$112 million

$31 million

$615 million JUNE 2022

46. Fawry for Banking and Payment Technology Services

President & CEO: Mohamed Abdallah Sallam

Founder and CEO: Ashraf Sabry

• Sector: Real Estate & Construction

• Sector: Financial services

Market Value: $183 million Sales: $120 million

Market Value: $448 million Sales: $89 million

Profits: $15 million Assets: $676 million

Profits: $13 million Assets: $222 million

MNHD was initially established to develop 40 million sqms of land in Nasr City, which is home to three million people. Today, its portfolio includes Taj City, which is a mixed-use development project on 3.7 million sqms of land in the Eastern Suburbs of Cairo, and Sarai, which has a total area of 5.5 million sqms near the New Administrative Capital. In October 2021, the company acquired MINKA Developments and appointed Abdallah Sallam as the CEO.

Fawry allows users to pay bills and other services, such as recharging electricity meters, pay traffic fines, and renew car licenses. The company processes more than three million transactions per day, serving 40.5 million customers. It handled $7.1 billion in 2021, a 61.5% increase compared to 2020. ADQ also acquired 12.6% of Fawry for $68.6 million and signed a rights issue for another 201.6 million shares worth $54.9 million. In 2021, Fawry acquired minority stakes in elmenus, Brimore, and Alsoug.

47. Cairo for Investment and Real Estate Development (CIRA) CEO: Mohamed El Kalla

• Sector: Education Services Market Value: $361 million Sales: $75 million Profits: $18 million Assets: $242 million

45. Egypt Aluminum (Egyptalum) Managing Director: Mahmoud Aly Salem

• Sector: Industrials Market Value: $444 million Sales: $611 million Profits: $2 million Assets: $528 million Egypt Aluminum started as a small factory with six pot rooms. Today, it has 12 pot rooms and total production capacity of 320,000 tons annually. The company plans to increase its production by 250,000 tons per year, with a targeted total annual production of 570,000 tons in 2022. In 2021, exports accounted for 66% of its sales. The Holding Company for Metallurgical Industries is its main shareholder with a stake of 89.8%.

Shipping & Transportation Services

F O R B E S M I D D L E E A S T.C O M

CIRA provides educational services in the Egyptian private sector. It operates 24 schools with over 30,000 students. It also owns Badr University in Cairo, with 16 different faculties. In August 2021, CIRA partnered with Elsewedy Capital Holding to secure 58-acres of land in New Damietta to establish a university to serve over 25,000 students. Investments in the project are expected to reach $136.5 million. In October 2021, the company signed a partnership with Al Ahly Capital Holding to create Al Ahly CIRA for Educational Services.

Companies

Market Value

Sales

Profits

Assets

$590 million

$129 million

$76 million

$267 million JUNE 2022

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TOP 50 LISTED COMPANIES IN EGYPT

44. Madinet Nasr for Housing and Development (MNHD)

47. Pioneers Properties For Urban Development (PREDCO) CEO and Managing Director: Walid Zaki

49. Natural Gas & Mining Project (Egypt Gas) Chairman and Managing Director: Wa’el Gowaied

• Sector: Utilities Market Value: $87 million Sales: $291 million

• Sector: Real Estate & Construction

Profits: $9 million Assets: $477 million

Profits: $16 million Assets: $1.4 billion PREDCO operates in real estate development, investment, and construction activities. In October 2021, its parent company Pioneers Holding transferred stakes in subsidiaries, including El Kahera Housing, Giza General Contracting, the Real Estate Investment Company, and the United Company for Housing and Development, to Pioneers Properties. In December 2021, PREDCO announced the close of its first bond issuance valued at $34 million.

Egypt Gas is majority-owned by the Egyptian Natural Gas Holding Company, which has an 80% stake. The company recorded profits of $9 million in 2021, a 95.6% increase compared to 2020. It has two operating branches in Jordan and Oman, with plans to extend to the U.A.E. and Kuwait. In 2021, Egypt Gas completed 11 natural gas pressure reducing stations. It now has 192 stations.

TOP 50 LISTED COMPANIES IN EGYPT

Market Value: $107 million Sales: $86 million

50. Minapharm Pharmaceuticals Chairman and CEO: Wafik Bardissi

• Sector: Pharmaceuticals Market Value: $89 million Sales: $162 million Profits: $26 million Assets: $221 million Minapharm Pharmaceuticals’ history dates back to the 1950s when the first privately-owned factory in Egypt, Heliopolis Pharmaceutical Laboratories, was established. It stopped its activities in the 1960s and was re-established as Minapharm Pharmaceuticals in 1992. It employs 1,400 people. In May 2021, Minapharm Pharmaceuticals and its wholly-owned Berlin-based subsidiary, ProBioGen AG, announced the establishment of ProBioGen’s subsidiary MiGenTra in Berlin.

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Telecommunications

Utilities

F O R B E S M I D D L E E A S T.C O M

Companies

Market Value

Sales

Profits

Assets

$1.5 billion

$2 billion

$453 million

$4.9 billion

Companies

Market Value

Sales

Profits

Assets

$87 million

$291 million

$9 million

$477 million JUNE 2022

By Claudine Coletti

Sofitel Le Scribe Paris Opéra

HOTEL REVIEW

• HOTEL REVIEW •

Deep in the heart of the Opera district in Paris sits one of the city’s most historic hotels. Sofitel’s Hotel le Scribe is set in a building more than 160 years old yet is fresh from a 2019 makeover that makes many nods to its legacy while also drawing in modern elements that epitomize F O R B E S M I D D L E E A S T.C O M

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subtle Parisian glamor. The 5-star hotel was where the first paid public screening using the Luminaire brother’s Cinematographe device took place in 1895. Ten films were shown in what was Le Salon Indien in the Grand Café at the time. Today, that same room is used for breakfast, with an original Cinematographe displayed at the entrance. The rest of the hotel has a fashionable and minimalist style, with pale walls and colorful furnishings against copper and black fittings. The overall feel is serene and chic, much like the city. JUNE 2022

HOTEL REVIEW

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Accommodation From the outside, considering it’s a grand building, Hotel Le Scribe is not imposing. The entrance is nestled between shops and cafés and can be easy to miss, but although it blends in with its surroundings, it is very much a presence on its namesake road. As I enter the lobby, the first thing I notice is a piece of art above the concierge desk: a back-lit white townhouse façade with a female silhouette at the window. It somehow feels very Parisian. The reception, concierge, bar, and café all feed off the foyer, and while the modestly-sized area can feel bustling with just a few guests, the team is warm and friendly and speaks multiple languages, quickly attending to queries and visitors. While the 213-room hotel is too large to be called boutique, it feels homely. However, once you enter the suites, the size of the property becomes apparent. I stay in a Prestige Suite, which has a living room, bedroom, ample wardrobe space, bathroom, and separate WC. On another floor, I view an Opera Suite, which has a vast living area with tall ceilings and plenty of floor space. Connecting doors mean that neighboring guests can choose to link up multiple F O R B E S M I D D L E E A S T.C O M

JUNE 2022

HOTEL REVIEW

Activities Although Paris is a sprawling capital, many of its most famous landmarks sit centrally and are walkable from each other and the hotel if you enjoy a stroll. If you prefer a taxi, they are easy to find, with public transport also widely available. Hotel Le Scribe is just moments away from the Palais Garnier opera house, a stunning 19th-century building that offers tours and regular performances. And if you’re a fan of shopping, the striking glass-domed Galeries Lafayette Haussmann mall is just a few minutes up the road. If you’re looking for a memorable cultural experience, the hotel is less than a 20-minute walk away from the famous Louvre F O R B E S M I D D L E E A S T.C O M

museum, which I spent an entire afternoon exploring. It’s worth noting for the Louvre that tickets must be booked online in advance, with specific time slots allocated to manage the flow of visitors. Within the hotel, if you feel like treating yourself, there is a full spa and wellness area offering a range of treatments. True to the overall boutique feel of the property, the spa is built for exclusivity and can be hired out in full for guests that value their privacy or are looking for a more personal experience. Something to remember if you’re in Paris for the weekend is that some restaurants and landmarks are closed on Sundays or Mondays, so if you’re hoping to visit somewhere in particular, it’s worth checking opening hours before setting off. The more popular and trending restaurants also get booked up well in advance, so be sure to call ahead to guarantee a table. Dining Aside from the breakfast room, which is below ground, Hotel Le Scribe has three dining options off the lobby: a café, which can also be accessed from the road and is open to the public, the main restaurant, and a bar/lounge that offers drinks and light bites. The Rivage restaurant is open for lunch Monday to JUNE 2022

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rooms, easily making the accommodation the size of an apartment suitable for a small family or group of friends. Each room features a large wall-mounted mirror, which doubles as a television, so if you choose not to switch it on, it blends in seamlessly with the décor, which is contemporary and stylish. The walls are light, with bursts of color provided by purple armchairs, tinted light-fittings, and patterned cushions. And despite the hotel being on the corner of two busy roads, the rooms are quiet and the beds high and comfortable, guaranteeing you a peaceful respite from the lively city outside.

HOTEL REVIEW

Friday and dinner Thursday to Saturday. The menu offers a modest selection of seasonal Mediterranean dishes, with tapas-style appetizers designed for sharing. We choose to dive into the fish, sharing Tuna Carpaccio and a unique tiramisu-style shredded crab to start, followed by a tasty roasted Hake and a large portion of saffron risotto. As the restaurant is closed on Sundays, we also checked out the room-service menu, which largely mirrors the lunch/dinner menu, plus some extra staples such as sandwiches and pizza. Le Bar du Scribe in the evening is a cozy and exclusive setting, with a classic design and crescent-moon-shaped bar. It’s an easy place to sit privately or with friends and enjoy cocktails, soft music, and mood lighting.

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Final thoughts The environment in the Sofitel Le Scribe Paris Opéra is very much in tune with the style of the city. Comfortable and unique, if you’re looking for a genuine Parisian vibe, it’s definitely one to explore. F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Celebrating Egypt’s Success

All awardees of Celebrating Egypt’s Success 2022

Forbes Middle East Celebrating Egypt’s Success 2022

n April 17, 2022, Forbes Middle East hosted an event to celebrate the most prominent Egyptian companies and business leaders helping to shape the country’s growing economy. The glamorous Suhoor event held in Cairo recognized the contributions of Egypt’s success makers who have featured on Forbes Middle East’s coveted lists. The evening brought together public figures and top CEOs of companies and public and private institutions from across all sectors in Egypt. “Our celebration of Egyptian business leaders, innovators, and entrepreneurs stems from our appreciation for the individuals who have made achievements in the financial and business sectors, and affirmed Egypt’s position as a role model in adopting and encouraging innovation and creativity in various economic sectors, thanks to the attractive investment climate in the country,” said Khuloud Al Omian, Editor-in-Chief at Forbes Middle East. “On this occasion, we congratulate and thank the leaders who have contributed to promoting comprehensive development in the country.” F O R B E S M I D D L E E A S T.C O M

The awardees honored at the suhoor had all been featured in Forbes’ lists and rankings during the previous year for their contributions to their respective industries in Egypt, the Middle East, and across the globe. On the night, awards were handed out to leaders from a diverse mix of sectors and categories, including healthcare, real estate and construction, investment banking, listed companies, businesswomen, startups, and more. Addressing an audience of decision-makers and top businesspeople, Al Omian took the opportunity to draw attention to another much-anticipated event to be staged in Egypt. “The Forbes Middle East Under 30 Summit will be the most significant gathering of entrepreneurs and young leaders ever in the Middle East. Youth is the future of our planet and an essential pillar of any economy,” said the editor-in-chief. The inaugural Forbes Middle East Under 30 Summit will be held in El Gouna, Egypt, from November 24 to 26, 2022. It will host entrepreneurs from across the region as well as global Under 30 alumni to establish the forum as a knowledge and experience sharing platform. JUNE 2022

Event Coverage

Omar Hisham Talaat, Chief Executive for Business Development of Talaat Mostafa Group

Aya & Mounaz Abdel Raouf, Founders of Okhtein F O R B E S M I D D L E E A S T.C O M

Karim Awad, Group CEO of EFG Hermes

Youssef Salem, CFO of SWVL JUNE 2022

Celebrating Egypt’s Success

Pakinam Kafafi, CEO of TAQA Arabia

Hany Aman, CEO & Managing Director of Eastern Company

Hassan Morshedy, CEO of Memaar Morshedy

Ayman Essawy, Marwan Kenawy, Founders of Lucky App F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Event Coverage

Yasmine Khamis, Chairperson of Oriental Weavers

Ayman Soliman, CEO of Sovereign Fund of Egypt

Mohamed Benhalim, Co-founder and COO of MaxAB

F O R B E S M I D D L E E A S T.C O M

Alain El Hajj, Mostafa Menessy, Islam Shawky, Founders of Paymob

Fahad Khater, Chairman of Alameda Healthcare

JUNE 2022

• THOUGHTS ON •

Ambition “Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”

“To be happy at home is the ultimate result of all ambition, the end to which every enterprise and labor tends, and of which every desire prompts the prosecution.”

—Helen Keller

—Samuel Johnson

“Intelligence without ambition is a bird without wings.”

“If you have got a dream and you’ve got ambition, then go for it. You know, unless you try, you’ll never know.”

— Salvador Dali “The ambition and focus that propel you to success can also be your downfall.”

—Eddie the Eagle “Bullies will attack your confidence, but you cannot let them kill your ambition.”

—Judy Smith “Great ambition is the passion of a great character. Those endowed with it may perform very good or very bad acts. All depends on the principles which direct them.”

—Whitney Wolfe Herd “It’s good to test yourself and develop your talents and ambitions as fully as you can and achieve greater success; but I think success is the feeling you get from a job well done, and the key thing is to do the work.”

—Napoleon Bonaparte “Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it’s only when you hitch your wagon to something larger than yourself that you realize your true potential.”

Salvador Dali

“Ambition is pitiless. Any merit that it cannot use it finds despicable.”

“We can each define ambition and progress for ourselves. The goal is to work toward a world where expectations are not set by the stereotypes that hold us back, but by our personal passion, talents and interests.”

“Ambition is a very dangerous thing because either you achieve it and your life ends prematurely, or you don’t, in which case your life is a constant source of disappointment. You must never have ambition.”

—Eleanor Roosevelt

—Sheryl Sandberg

—Jeremy Clarkson

—Barack Obama

F O R B E S M I D D L E E A S T.C O M

—Peter Thiel “Five enemies of peace inhabit with us - avarice, ambition, envy, anger, and pride; if these were to be banished, we should infallibly enjoy perpetual peace.” —Petrarch

JUNE 2022

IMAGE FROM WIKIPEDIA.ORG

THOUGHTS

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

F O R B E S M I D D L E E A S T.C O M

JUNE 2022

Forbes Middle East - English - June 2022

Articles inside

I Sofitel Le Scribe Paris Opéra

I 5 U.S Giants That Have Retreated From China

I Top 5 Arab Companies On Forbes Global 2000

I These Middle East-Based Firms Listed On Foreign Exchanges In Q1 2022

I Egyptian Blue Chips Riding The Storm

I 4 Arab Companies Entering The Metaverse

I Sidelines