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Satyendra Pathak
Qatar remains one of the best countries for business in the Arab world as it dominates the ‘2021 Forbes list of Top 100 Companies in the Arab world’ released on Sunday.
The Qatar National Bank (QNB) with assets worth $281.6 billion and market value worth $45.4 billion is at the second position of the list and the top listed bank in the region.
Forbes Middle East, which unveiled its list of the Middle East’s largest and most successful listed companies for 2020, said the ranking is compiled from in-depth research based on data from all stock exchanges in Arab countries and analysis of market value, sales, assets, and profits.
Companies in Qatar are doing well despite and the country’s entry in the Forbes list of Top 100 Companies in The Arab World 2020 is marked by the presence of 17 companies.
The banking and financial services sector dominates the list with 46 entries, followed by the industrial sector with nine companies, and real estate and construction, and telecommunications, with eight entries each.
Saudi Aramco, which made its debut in first place last year, continues to be the most valuable company in the world with a market value of $1.9 trillion.
Saudi Arabia has the most companies on the list with 37 followed by the UAE with 20 companies. In third place is Qatar, with 17 entries. For the second consecutive year, these three countries together comprise nearly 75 percent of the list.
The banking and financial services sector is still the most represented in the list with 42 entries, down from 46 in 2020. Five of the top 10 companies are banks. The real estate and construction sector and industrials sector are joint second with 10 entries each. Telecommunications is third with nine entries.
With the impact of the pandemic, most firms are not as valuable or profitable as they were a year ago. The aggregate sales of the 100 companies in 2021 stand at $550 billion, while aggregate net income reached $91 billion—a drop of 17.9 percent and 38.5 percent respectively, compared to the 2020 list.
Combined, the market value of the 100 companies stands at $3 trillion, a surge of 30.4 percent compared to 2020—although Saudi Aramco’s valuation of $1.9 trillion makes up over 60 percent of this total.
The total value of assets climbed 2.9 percent to reach $3.6 trillion. Overall, 93 percent of the companies indicated an increase in their market value compared to 2020, and 62 percent of the firms were able to increase the value of their assets. Despite last year being a tough one for businesses worldwide, eight newcomers debuted on the list.
Of the 100, as many as 37 companies feature on Forbes’ annual Global 2000 list this year, with Aramco at fifth place, retaining its title as the world’s largest oil company and the Middle East’s most valuable firm.
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