The inaugural edition ranks the 500 largest corporations in the Arab region according to their annual revenues.
Fortune Arabia released the Fortune 500 Arabia, ranking the 500 largest corporations in the Arab region, with Qatar sitting fifth on the list as it hosts 36 companies.
The first inaugural edition included the top 500 Arab companies from 22 Arab countries.
“Fortune 500 Arabia launched its inaugural list in 2023, becoming part of the global Fortune 500 lists that have been published by Fortune magazine in the United States since 1955,” a statement from the company read.
The total revenues listed on Fortune 500 Arabia for last year amounted to approximately 1.6 trillion US dollars. At the same time, net profits reached 343 billion US dollars.
QatarEnergy, Qatar Airways, and Qatar National Bank Group all rank in the top ten companies in the Middle East region.
The Qatari company’s revenue hit QAR 189 billion ($52 billion) in 2022, significantly higher than in 2021.
The company’s revenue jumped by 57% due to the significant event of the Russian-Ukrainian war.
Seventh on the list is Qatar Airways, which hit QAR 75.9 billion ($20.8 billion) during the fiscal year compared to QAR 52.2 billion ($14.3 billion) a year earlier.
Qatar National Bank (QNB) Group posted a 31.2% year-on-year rise in its revenue for 2022.
“The Qatari bank’s revenue hit 67.4 billion Qatari riyals ($18.5 billion) in 2022, compared to 51.3 billion Qatari riyals ($14 billion) a year earlier”, the Fortune 500 Arabia platform stressed.
Dominating the list is Saudi Arabia, which leads with 152 companies, securing 30% representation, followed by the UAE, Egypt, Kuwait, and then Qatar.
The UAE had the most significant proportion of the top 100 profitable companies on the list.