Saudi Aramco and Dubai’s Emirates Group rank among the Top 10 Arab companies in the Fortune 500

Fortune Arabia released its inaugural list of the top 500 companies in the Arab region, revealing Saudi Arabia and the UAE as dominant forces based on revenue.

Revealed on Tuesday, Saudi Aramco led the list with a staggering 2022 revenue of over $603.7 billion. Kuwait Petroleum Corporation and Sonatrach Spa secured the second and third spots with revenues of approximately $106.6 billion and $60 billion, respectively. Other companies in the top five include QatarEnergy and OQ SAOC.

Emirates Group from the UAE secured the sixth position, reporting a revenue of $32.6 billion. The top ten also included Qatar Airways, National Bank of Egypt, Saudi Electric Company, and QNB Group.

Overall, Saudi Arabia boasted 153 significant corporations, amassing revenues of $813.33 billion in 2022, the region's highest. The UAE followed with 87 companies from the Fortune 500 list, collectively earning $254.87 billion.

The Arab Fortune 500 list, an extension of the global Fortune 500 series, encompasses companies from 22 Arab nations. Notably, 9% of the companies featured are private entities not listed on stock exchanges.

Hamoud Almahmoud, Fortune Arabia's Editor-in-Chief, highlighted the significance of this listing, citing its benefits for shareholders, investors, and analysts.
Notably, the UAE dominated housing, the most profitable businesses within the top 100, and had the largest workforce among the listed companies, employing over 681,000 people. That surpassed even Saudi Arabia, which has around 548,625 employees under its Fortune 500 companies.

Moreover, the UAE showcased diversity, with 20% of its top positions held by women, paralleling Morocco's representation. Saudi Arabia and Kuwait trailed, with female leadership standing at 6.7%.

From a net income perspective, UAE businesses secured the third position with $49.29 billion, contributing to 14.36% of the total net income of the 500 listed companies. Leading this category was Saudi Arabia, with $198.93 billion, followed by Qatar.