Learn about the 10 most powerful companies in the Middle East for 2021
The past year was full of challenges and hardships for companies around the world, as all sectors suffered from the repercussions of the Corona pandemic. This was reflected in the performance of companies in the Middle East in particular, forcing CEOs to make difficult decisions that most of them had not faced before.
In this context, Forbes Middle East issues its annual list of “The 100 Most Powerful Companies in the Middle East for 2021,” which includes the largest, most profitable and valuable public companies in the capital markets in the region.
While the repercussions of the pandemic have affected the profitability and values of companies. The companies included in the current year's list recorded consolidated sales of $550 billion, while consolidated net profits amounted to $91 billion, down 17.9% and 38.5%, respectively, compared to last year's list. In addition, 57% of the existing companies recorded a decline in their revenues during 2020, and the net profits of 67% of the companies decreased.
On the other hand, on a brighter side, corporate stocks have rebounded this year, as the markets are relatively optimistic compared to the previous year. Business leaders expect better performance during the year. As a result, the total market capitalization of the 100 companies recorded $3 trillion, an increase of 30.4% compared to last year. The total value of assets increased by 2.9% to reach $3.6 trillion. In total, 93% of companies' shares rose compared to 2020, and 62% of them succeeded in increasing the value of their assets.
While Saudi Arabia dominates the list with 37 companies, topped by Saudi Aramco in first place, followed by the United Arab Emirates in second place with 20 companies led by First Abu Dhabi Bank (4). Qatar ranks third with 17 companies, led by the Qatar National Bank Group (2).
The banking and financial services sector is the most represented in the list with 42 banks. Five banks were among the top 10 in the list. The real estate and construction sectors, and the industry sectors came in second place with 10 companies each, while the telecommunications sector came in third place with 9 participations.