June 17, 2025

Forbes Middle East Reveals 2025 Ranking Of The Region’s Top Listed Companies

Forbes Middle East has published its annual list of the Top 100 Listed Companies in the Middle East, highlighting the public corporations that are driving the region’s capital markets and shaping economic growth. Despite a slight dip in net profits and market value, the list reveals strong momentum in terms of assets and sales.

The combined market capitalization of the 100 companies stood at $3.5 trillion as of April 2025—a 3.6% decrease year-on-year—while net earnings dropped 1.2% to $237.4 billion. However, companies recorded robust growth in sales, rising 12.2% to $1.1 trillion, and their total assets jumped 10.8% to $5.4 trillion, signalling long-term expansion and investment.

The ranking is based on data collected from the main markets in the Arab stock exchanges,using four equally weighted metrics: sales, assets, and profits for the 2024 fiscal year, as well as market value as of April 25, 2025, and companies with the same final scores were given the same rank. Only companies that had published their audited 2024 results by that date were considered.

The GCC continues to dominate, with 91 companies featured. The U.A.E. ranks first with 33 entries, followed by 30 from Saudi Arabia, and 12 from Qatar. The list also includes 10 firms from Kuwait, four each from Morocco and Oman, three from Egypt, and two apiece from Jordan and Bahrain.

Saudi Aramco remains at the helm, topping the list for the sixth consecutive year. The energy titan, under the leadership of President and CEO Amin H. Nasser, reported $1.7 trillion in market cap and $106.2 billion in profits. In May 2025, the company signed 34 strategic MoUs and deals with U.S. companies valued at $90 billion, reinforcing its global footprint. International Holding Company (IHC) from the U.A.E. secured the second place, while Qatar’s QNB Group and the Saudi National Bank were in joint third place.

This year’s top 10 is shared by four nations, with Saudi Arabia and the U.A.E. each contributing four companies, signaling their continued dominance in the region’s corporate landscape.

The financial sector once again led in representation, accounting for 45 companies on the list, with a combined asset base of $3.6 trillion. The energy industry, despite having only six firms, remains the most profitable, delivering $114 billion in total earnings—driven primarily by Aramco. The industrials and telecom sectors followed closely, with nine companies each.

Five companies appear on the list for the first time, including newly-listed firms like Oman’s OQ Exploration and Production (OQEP), Lulu Retail Holdings, Agility Global, and NMDC Energy. SABIC returns to the ranking after a strong comeback, turning around a $102.5 million loss in 2023 to post $993 million in profit for 2024.

Top 10 Listed Companies in the Middle East 2025

1 | Saudi Aramco

Country: Saudi Arabia

Sector: Energy

2 | International Holding Company (IHC)

Country: U.A.E.

Sector: Investments

3 | QNB Group

Country: Qatar