Forbes’ ranking of the top 100 companies in the Middle East for 2021 has been released and 7 Bahrain companies are included.
Forbes list recognizes the Middle East region’s largest, most valuable, and most profitable companies. They collect data from listed stock exchanges in the Arab countries and rank companies based on: market value, sales, assets, and profits.
Listed subsidiaries of other listed companies were excluded. Forbes also excluded companies that hadn’t disclose their 2020 audited financial statements as of May 3, 2021. Currency exchange rates and market cap calculations were taken as of April 29, 2021.
27. Ahli United Bank (AUB)
Sales: $1.8 billion Profits: $486 million Assets: $40.1 billion Market Value: $7 billion
AUB was formed in May 2000 by a merger of the United Bank of Kuwait PLC and the Al-Ahli Commercial Bank B.S.C. It is one of the largest banks in the Middle East with a workforce of 4,000 serving 151 branches across eight countries. In 2020, AUB reported a decrease of 38% in profits compared to 2019. AUB has signed the UN’s Principles for Responsible Banking, which align global banking practices with the Sustainability Development Goals. Adel A. El-Labban has been the company’s Managing Director and CEO since 2000.
57. AlBaraka Banking Group (ABG)
Sales: $2.2 billion Profits: $166 million Assets: $28.2 billion Market Value: $259 million
Islamic wholesale bank Al Baraka Banking group (ABG) operates over 700 branches across 17 countries including Jordan, Egypt, Tunis, Bahrain, and Germany. The group’s founder, Sheikh Saleh Abdullah Kamel, passed away in 2020 and was succeeded by Abdullah Saleh Kamel. Mazin Manna was appointed as the CEO and president of the group in January 2021. ABG also launched the Islamic Commodity Murabaha financing facility in 2020, in collaboration with the Bahrain Bourse and the Central Bank of Bahrain.
70. National Bank of Bahrain (NBB)
Sales: $523 million Profits: $134.5 million Assets: $11.6 billion Market Value: $3 billion
NBB operates through a network of 29 branches across Bahrain, Saudia Arabia, and the U.A.E. Bahrain’s sovereign wealth fund Mumtalakat owns 44% of the bank’s shares. In 2020, the bank successfully acquired 78.8% of Bahrain Islamic Bank. It pledged $6.6 million to Bahrain’s national campaign to fight the pandemic. CEO Jean-Christophe Durand is also a board member for Gulf Air, the Bahrain Telecommunications Company (Batelco), and Bahrain Islamic Bank.
71. Aluminium Bahrain (Alba)
Sales: $2.8 billion Profits: $25.9 million Assets: $6.3 billion Market Value: $2.2 billion
Alba is the Middle East’s largest producer of aluminum. Since 1990, Alba has invested more than $589 million in environmental conservation. These projects have focused on waste management and reducing the emissions of harmful gasses. To save energy, the company uses the steam from the cooling process of aluminum to generate additional power. CEO, Ali Al Baqali, has been with the company for two decades. He became CEO in February 2020.
75. Bahrain Telecommunication Company (Batelco)
Sales: $1 billion Profits: $170 million Assets: $2.7 billion Market Value: $2.6 billion
Batelco is 36.6% owned by Bahrain’s sovereign wealth fund, Mumtalakat. Outside of Bahrain, the company has direct and indirect investments across 14 countries, including Jordan, the Maldives, Egypt, and Saudi Arabia. The company recently launched Bahrain’s largest commercial sector data center covering an area of over 12,000 square meters. In 2020, it announced 95% nationwide 5G coverage across Bahrain. It contributed $9.3 million to the country’s pandemic relief effort.
77. Bank of Bahrain and Kuwait (BBK)
Sales: $467 million Profits: $140 million Assets: $10 billion Market Value: $2 billion
With assets worth around $10 billion as of December 2020, BBK has branches in Bahrain, Kuwait, and India, with representative offices in the U.A.E. and Turkey. Last year, the bank launched its digital platform “BBK BanKey” to provide cash management services for its clients. BBK opened a digital branch in City Center Bahrain last year, and it is planning to open two more in 2021. BBK has donated around $8 million to the “Fina Khair” national campaign to support those impacted by the pandemic.
84. Arab Banking Corporation (Bank ABC)
Sales: $1.3 billion Profits: $-75 million Assets: $30.4 billion Market Value: $901 million
Bank ABC is present across 15 countries in the Middle East, Europe, North America, Latin America, and Asia. Its major shareholders are the Central Bank of Libya and the Kuwait Investment Authority. It is the second-largest listed Bahraini company by assets, worth $30.4 billion. In January 2021, Bank ABC entered into an agreement to acquire a 99.4% stake in BLOM Bank Egypt, which values BLOM Bank Egypt at $427.5 million.