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UAE Freezones Biz News Updates
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First Abu Dhabi Bank, etisalat among top Arab companies
The telecommunications and industrial sectors came in the second and third
with etisalat being the biggest telecommunications company in all metrics.
Seventeen UAE companies have made it on Forbes' list of the 'Top 100
Companies In The Arab World' in 2017.
First Abu Dhabi Bank, etisalat, and Emirates NBD were ranked third, fifth,
and seventh on the list respectively, with Saudi giant Sabic taking the top
position.
Saudi Arabia continued to dominate the list with 36 companies, while the 17
UAE companies ranked among the top 100.
With the market value of $33.7 billion the First Abu Dhabi Bank ranked third
in the list.
The telecommunications and industrial sectors came in the second and third
with etisalat being the biggest telecommunications company in all metrics.
According to Forbes' data, the total market value of the top 100 companies
in the Arab world reached $772 billion in April 2017, gaining 12 per cent
over the previous year. Although aggregate net profits decreased by 9.7 per
cent to reach $52.9 billion, sales and total assets increased by 2.4 per
cent and 3.8 per cent to reach $288.3 billion and $2.7 trillion respectively
during 2016, as companies' operational performance was relatively stable.
Other companies from the UAE that made it on the list included Abu Dhabi
Commercial Bank, Emaar Properties, DP World, Dubai Islamic Bank, Mashreq
Bank, Abu Dhabi Islamic Bank and du. Forbes started with 1,300 listed
companies in the Arab stock markets from Saudi Arabia, Qatar, Oman, Jordan,
Egypt, Kuwait, Bahrain, the UAE, Lebanon, Morocco and Tunisia. Officials
excluded publicly-traded subsidiaries of listed companies, those suspended
from trading, as well as companies that didn't disclose their 2016 financial
statements. As part of the selection process, four metrics were measured
including market value, sales, net profits, and total assets.
The results showed that over 49 per cent of the companies are from the banks
and financial services sector, which is witnessing a wave of mergers and
acquisitions in the UAE, Saudi Arabia, Morocco and Egypt.
Although the Egyptian currency was hit hard last year off the back of the
devaluation, Egypt holds its share in the top 100 companies in the Arab
world list with three companies, as the Egyptian stock exchange gained 75
per cent, making it the biggest gainer in the Arab world. In addition, this
year's list saw the inclusion of 10 new entrants Omantel, National Bank of
Bahrain, LafargeHolcim Maroc, Elsewedy Electric, Emaar The Economic City,
Saudi Ground Services, Advanced Petrochemical Company, BBK, National Bank of
Oman, and Mannai Corporation.
June 20, 2017
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Courtesy Khaleej Times
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