Saudi Aramco tops Forbes Middle East ranking

Dubai: Saudi Aramco has secured the top position in Forbes Middle East’s Top 100 listed companies for 2024.

With $660.8 billion (Dh2.4 trillion) in assets and $1.9 trillion (Dh6.9 trillion) in market value, the energy company leads the list, showcasing its dominance in the region.

This was announced after Aramco’s secondary public offering of 1.545 billion shares, valued at over $11 billion (Dh40.4 billion), marking one of the largest stock sales in recent years. Post-offering, the allocation to international investors stands at 0.73 per cent of total shares.

Following Aramco, Saudi National Bank holds the second spot with $276.6 billion (Dh 1 trillion) in assets and $59.1 billion (Dh217 billion) in market value, making it the largest commercial financial institution in Saudi Arabia. UAE-based International Holding Co. and Qatar National Bank Group occupy the third and fourth positions respectively.

The Gulf Cooperation Council (GCC) region prominently features in the list, with 92 companies, led by the UAE (32 firms) and Saudi Arabia (31 firms). Qatar, Kuwait, Morocco, Bahrain, Egypt, Jordan, and Oman also have multiple entries.