Energy giant Saudi Aramco has retained the top spot in Forbes Middle East’s Top 100 listed companies for 2024, with $660.8 billion in assets and a market value of $1.9 trillion. Following Aramco, Saudi National Bank secured second place with $276.6 billion in assets and a market value of $59.1 billion. UAE-based International Holding Co. and Qatar National Bank Group claimed the third and fourth spots, respectively.
The ranking coincides with Aramco’s recent secondary public offering of 1.545 billion shares valued at over $11 billion, one of the largest stock sales in recent years. As of June 9, international investors hold 0.73 percent of Aramco’s total shares.
Forbes compiled the list from Arab world stock exchanges, ranking firms based on 2023 sales, assets, profits, and market values as of April 26, 2024. The energy giant’s significant activities in early 2024, including strategic investments and increased venture capital allocations, bolstered its ranking.
Other notable entries include First Abu Dhabi Bank and Emirates NBD in fifth and sixth places, and Saudi Electricity Co. and Kuwait Finance House in ninth and tenth. The banking and financial services sector was most represented, while the energy sector, led by Aramco, was the most profitable.