Fortune Arabia presents Fortune 500 Arabia: A New Benchmark for the Arab Business Landscape
Fortune Arabia Debuts Fortune 500 Arabia: Ranking the Arab region's top corporations by revenue.
Saudi Arabia dominates with 152 companies in the newly unveiled Fortune 500 Arabia list.
The historic launch of Fortune 500 Arabia highlights business resilience amid global crises.
Today marks a historic day for the corporate world in the Arab region as Fortune Arabia introduces the "Fortune 500 Arabia". This prestigious list, making its debut seven decades after the world-renowned Fortune 500 was first established, ranks the top 500 corporations in the Arab world based on their annual revenues. This innovative list not only reflects the powerhouses driving the regional economy, tallying a staggering total revenue of 1.6 trillion US dollars and net profits of 343 billion US dollars for 2022, but also offers a unique insight into the business environment post the Covid-19 pandemic, during the Russian-Ukraine conflict, global inflation crisis, and rising interest rates.
Saudi Arabia prominently leads with 152 companies, securing a 30% representation, followed by the UAE, Egypt, Kuwait, and Qatar. The Fortune 500 Arabia also showcases 150 companies with revenues surpassing one billion US dollars, of which 23 are private entities. Interestingly, while the banking and insurance sectors dominate the list, private companies, particularly those unlisted on stock exchanges, have also marked their presence, encouraging greater transparency in the business realm.
Hamoud Almahmoud, Fortune Arabia's Editor-in-Chief, emphasizes the significance of the Fortune 500 Arabia, stating that it "comes at a time when companies and markets are increasingly focusing on listing in financial markets and making informed economic decisions." Alan Murray, CEO of Fortune Media, lauds the list, highlighting its essential role in spotlighting pivotal players in the Arab business sector.
The "Fortune 500 Arabia" list is available on the Majarra website, licensed by Fortune Global. This monumental initiative has garnered support from notable industry frontrunners like Transtek Systems, BAE Systems, and Saudi Logistics Services Company (SAL), among others, with the Pearl Initiative acting as the Governance Partner.
Fortune Arabia released today Fortune 500 Arabia, the list that ranks the 500 largest corporations in the Arab region according to their annual revenues. Unveiled after seven decades since the inception of the globally acclaimed Fortune 500 list, this new list represents a pivotal moment in the business world in the region, and sets a new standard for transparency, integrity, and market influence.
The first-of-its-kind list of the largest companies in the Arab region was selected using a methodology based strictly on reported and verified revenues. The total revenues of the companies listed on Fortune 500 Arabia for the current year amounted to approximately 1.6 trillion US dollars, while net profits reached 343 billion US dollars. The data used to
compile the list was based on 2022, a year when companies were regaining their footing following the Covid-19 pandemic, only to be plunged directly into the crisis of the Russian-Ukraine war, the global inflation crisis, and the increase in interest rates.
In this momentous release of Fortune 500 Arabia, prominent industry leaders from various sectors have joined as launch partners including Transtek Systems, BAE Systems, Saudi Logistics Services company (SAL), and Eyad Reda Law Firm (ERLF). Pearl Initiative, a leading NGO
that is fostering a corporate culture of accountability and transparency, joined the list of of partners as the Governance Partner.
How was the Fortune 500 Arabia list distributed amongst the
countries? Saudi Arabia ranked first in terms of the number of companies listed, with a total of 152 companies out of 500, representing a share of 30%. Following Saudi Arabia, the UAE held the second rank with a proportion of 17% of the
list's companies, followed by Egypt, Kuwait, and Qatar, respectively. While Saudi companies secured the highest percentage of revenues and profits
of the companies listed, the UAE represented the largest percentage of the most profitable companies on the list.
As ranked by Fortune 500 Arabia, the top 10 countries that host the headquarters of the selected companies are as follows: Saudi Arabia (152 companies), the UAE (87), Egypt (56 companies), Kuwait (43 companies), Qatar (36 companies), Morocco (34 companies), Oman (33companies),
Jordan (21 companies), Bahrain and Tunisia (15 companies each).
Revenues of Fortune 500 Arabia companies
More than 150 companies with revenues exceeding at least one billion US dollars, including 23 private companies not listed on the stock exchange, were among the companies listed on Fortune 500 Arabia. The list featured
private and government companies not listed on the financial markets, which revealed their revenues either officially or through communication with them by the Fortune Arabia team.
The banking sector and insurance companies topped the Fortune 500 Arabia with a percentage of 28%, followed by the real estate and construction sector, then oil and gas with a proportion of about 7%.
Representation of private companies Private companies not listed on the financial markets made up 9% of Fortune 500 Arabia, while companies listed on the financial markets constituted 91%. Through incorporating private companies in the list, Fortune 500 Arabia endeavors to encourage large companies not listed on the financial markets towards a further level of data transparency to secure
a rank on the list.
"Fortune 500 list has been a well-known classification of global companies since its inception by Fortune magazine almost seven decades ago. Being part of the Fortune 500 list is significant, as it carries specific criteria that hold great importance for shareholders, investors and analysts, and offers substantial opportunities for the companies included in this classification", said Fortune Arabia's Editor-in-Chief, Hamoud Almahmoud. He added: "Fortune 500 Arabia comes at a time when companies and markets are increasingly focusing on listing in financial markets and making informed economic decisions. Having a platform that provides trusted data for companies in the region through several key indicators is essential for today's decision-makers, and that's exactly what Fortune 500 Arabia will provide."
Commenting on the launch of Fortune 500 Arabia, Alan Murray, CEO of Fortune Media stated that "Fortune is the global gold standard forbenchmarking business success. The launch of the Fortune 500 Arabia is an indication that the Arab world has assumed a center-stage position in the world of business. These are the companies you need to pay attention to if you are operating in the region. Congratulations to our partners at Majarra for making this important list a reality."
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