If you look at the world’s economy today, things will seem like it’s in chaos. Inflation is at an all-time high, countries are trying to recover from the pandemic, and the Ukraine situation isn’t getting any better.
However, this doesn’t mean that companies haven’t been recovering. Forbes being the platform it is, took notice of what was happening in the world overall and the Middle East in particular.
Middle Eastern companies saw a boom over the past 12 months, refusing to die like many small businesses,
Forbes revealed their annual list of top 100 Middle Eastern companies for 2022, it included a multitude of industries that aren’t only recovering but thriving in the current tumultuous economic climate.
One of the biggest benefits in the region is the Gulf, which saw a surge in income thanks to the ever-increasing prices of oil. Trying to recover the balance of oil power in the world, at least for the time being.
In almost a mirror image of last year, Saudi Arabia took the lion’s share of companies on the list, with 33 spots overall, dominating the platform’s list, marking its territory for the second time in a row.
The UAE takes the silver medal with an impressive 25 spots, denying Qatar which got 16 spots second place, followed by Kuwait with eight, and Egypt, unfortunately, with three.
Like last year, the top company in the Middle East is Saudi Aramco which decided not to leave that spot for anyone else.
It held on the first spot with a mind-boggling market value of $2.3 trillion, $400 billion in sales, and compiled a net profit of $110 billion.
The Egyptian Pharaohs’ contributions
The Commercial International Bank (CIB) took the top spot locally among the top Egyptian companies. It was also able to be in the first half of the top 100 when it comes to the companies in the Middle East, snagging the 39th spot.
CIB was able to bring in $2.7 billion in sales up to April 20, 2022, raking up an impressive $713 million in profits, and situating itself within the Egyptian market with a value of $4.5 billion.
QNB Al-Ahli, on the other hand, made its appearance on the second half of the top Middle East companies list. The bank is starting out strong, as this is its first time appearing on the aforementioned list.
Taking the 63rd spot in the Middle East, the banks snagged the second in Egypt’s companies list, making $1.9 billion in sales. QNB Al-Ahli was able to bring $410 million in profits in total, making the company’s market value $2 billion.
Finally, there’s Telecom Egypt, which did really well locally earning the bronze medal. It, unfortunately, took the 83rd spot on the Middle East’s top 100 list.
During the past 12 months, Telecom Egypt made a well-rounded $2 billion in sales, generating a total profit of $453 million and solidifying its $1.5 billion value.
Like its regional counterparts, Egyptian companies also thrived, including El-Sewedy Electric and TMG Holding, joining the previously mentioned three to form the top five.
WE SAID THIS: Don’t Forget… On The Economy: Here’s How The Middle East Is Key In The West’s Success
