33 Emirati Companies Lead Forbes' List of the Top 100 Firms in the Middle East 2025

The United Arab Emirates has topped the Forbes Middle East list of the “Top 100 Public Companies in the Region for 2025,” featuring 33 companies. Public enterprises in the Middle East and North Africa continue to lead capital markets and contribute significantly to regional economic growth. This list highlights the momentum these organizations have gained in terms of assets and sales, showcasing their strength and resilience in the face of economic challenges, even with a slight decline in net profits and market value.

Gulf Cooperation Council (GCC) countries dominate the ranking with 91 companies, led by the UAE with 33 firms, followed closely by Saudi Arabia with 30 companies, and Qatar with 12. The list also includes 10 companies from Kuwait, 4 from both Morocco and Oman, 3 from Egypt, and 2 each from Jordan and Bahrain.

Companies on the list experienced a minor decrease in net profits over the past year, with a 1.2% drop to reach $237.4 billion. Market values also declined by 3.6%, totaling $3.5 trillion, based on market closures on April 25, 2025. Nevertheless, the sales for the top 100 companies increased by 12.2%, achieving $1.1 trillion, while total assets approached $5.4 trillion, reflecting a growth rate of 10.8% compared to the previous year’s list, indicating business expansion and long-term investments.

Forbes compiled the ranking using financial information sourced from the consolidated financial statements of companies and major capital markets in the region. The public companies were ranked according to four equal-weight criteria: sales, total assets, net profits for 2024, and market capitalization calculated from market closures on April 25, 2025. Companies that had equal total scores were given the same ranking, while those that did not disclose their audited consolidated financial statements for 2024 by April 25, 2025, were excluded.

Saudi Aramco continues to lead the list for the sixth consecutive year, boasting a market value of $1.7 trillion and profits amounting to $106.2 billion, under the leadership of President and CEO Amin H. Nasser. In May 2025, the company signed 34 memoranda of understanding and agreements with major American companies valued at $90 billion to enhance its global presence. Following closely in second place is the International Holding Company (IHC) based in the UAE, with Qatar National Bank (QNB) and the National Commercial Bank of Saudi Arabia both sharing third place.

Both the UAE and Saudi Arabia continue to dominate the top 10 rankings, each with four companies, reinforcing their positions in the regional business landscape.

The banking and financial services sector remains the most represented with 45 companies, holding total assets of $3.6 trillion. This is followed by the industrial and telecommunications sectors, each with 9 companies. However, the energy sector remains the most profitable, represented by 6 companies that collectively earned about $114 billion, largely attributed to Aramco.

This year’s list includes five new companies, four of which are newly listed: OQ Exploration and Production from Oman, Lulu Group Holding, Agility Global, and NMD Energy. Additionally, Saudi SABIC has rejoined the list after posting a profit of approximately $993 million in 2024, compared to a loss of $102.5 million in 2023.

Top 10 Public Companies in the Middle East for 2025:

1- Saudi Aramco

Country: Saudi Arabia

Sector: Energy

2- International Holding Company (IHC)

Country: UAE

Sector: Investment

3- QNB Group

Country: Qatar