2023-11-01 07:49:40
Abu Dhabi – Mubasher: Fortune Arabia announced the launch of the Fortune Arab 500 list for the year 2023, which includes the 500 largest companies in the region in terms of annual revenues.
According to the statement issued yesterday, Tuesday, Emirati companies registered the largest number of companies on the list of the 100 most profitable companies on the list, with 32 companies, thus outperforming the rest of the countries.
Saudi companies acquired 23 companies, then Qatar 14 companies, followed by Egypt with 12 companies, then Kuwait with 6 companies, Morocco 4, Jordan and the Sultanate of Oman with 3 companies each, Bahrain with two companies, and Lebanon with one company.
The list showed that the UAE hosted the headquarters of 87 of its companies, constituting regarding 17 percent of the list, making it ranked second following Saudi Arabia, whose revenues amounted to $813.33 billion, and Emirati companies achieved combined revenues in 2022 worth $254.8 billion.
The list included private and government companies listed and unlisted in the financial markets, which revealed their revenues either officially or through communication with them by the Fortune Arabia team.
Emirati companies topped the list, with a number of employees amounting to 681.39 thousand employees distributed among 87 companies, following Saudi Arabia in terms of number (153 Saudi companies), but they surpassed them in the number of employees. The number of employees in Saudi companies reached 548,625 thousand employees.
Women leaders reserved regarding 20 percent, as did Moroccan women leaders, followed by Saudi, Kuwaiti, and Tunisian women, with 6.7 percent each.
The list of women CEOs, which includes 15 leaders who contributed to achieving strong results for their companies, was topped by the CEO of First Abu Dhabi Bank, the Emirati Hanaa Al Rostamani, and the bank ranked twentieth on the list. It achieved revenues of $11.23 billion in 2022, and net profits of $3.65 billion.
The number of Emirati CEOs in the listed companies reached 38, with the UAE coming in third place following Egypt, which ranked second with 64 CEOs, and Saudi Arabia ranked first with 128 CEOs.
Emirati companies came in third place in terms of net profits with $49.29 billion, constituting 14.36 percent of the total profits of the list companies, which amounted to $343.23 billion.
It is noteworthy that among Fortune’s companies there are more than 150 companies with revenues exceeding at least one billion dollars, including 23 private companies that are not listed on the stock exchange.
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