Three Bahraini Companies are Among Forbes’s Top 100 Companies
In the midst of soaring inflation and global turmoil, stock markets worldwide are feeling the strain, and the MENA region is no exception. In 2023, the combined market value of the Middle East’s Top 100 Listed Companies has experienced a slight decline of 5%, dropping from $4 trillion in 2022 to $3.8 trillion. However, the total sales for these 100 companies have surged by 38.5% to $1.1 trillion, with profits rising by 37.7% to reach $277.7 billion. The combined value of their assets has also increased by 9.5% to $4.6 trillion as of the end of 2022.
The 2023 list welcomes several new entries, including Qatar’s Dukhan Bank, UAE-based Multiply Group, and Americana Restaurants, as well as Saudi Aramco Base Oil Company (Luberef) and Marafiq.
Focusing on Bahrain, Aluminum Bahrain (Alba) ranks 50th on the list. As the Middle East’s largest producer of aluminium, Alba produced over 1.6 million metric tonnes in 2022. The company is dually listed on the Bahrain Bourse and London Stock Exchange, with Bahrain Mumtalakat Holding Company owning 69.38% and SABIC Industrial Investments Company owning 20.62%. In January 2023, Alba launched its Solar Farm Project, which will consist of approximately 11,300 solar panels installed on its building, covering 37,000 m2 and generating over six megawatts per year. Two months later, it secured a sustainable financing loan of $4.3 million from the Bank of Bahrain & Kuwait (BBK) to establish its Solar Farm Project.
Bank ABC, ranked 94th, offers international wholesale banking services through a network of 145 branches across five continents and 15 countries. Following the acquisition of a 99.5% stake in BLOM Bank Egypt in 2021, the bank merged its two Egyptian subsidiaries, BLOM Bank Egypt and Bank ABC Egypt, in January 2023. In the same month, the bank closed a three-year $75 million term loan facility for the Industrial Bank of Kuwait. The bank’s net profit increased by 63.3% to $209 million in 2022. The Central Bank of Libya and the Kuwait Investment Authority are its major shareholders.
Also ranked 94th is the National Bank of Bahrain (NBB), which operates in Bahrain, the U.A.E., and Saudi Arabia. The bank owns 78.8% of the Bahrain Islamic Bank, which operates under an Islamic retail banking license. In 2022, NBB reported a 28.5% increase in net profits to $188 million, compared to $145.9 million in 2021. It also partnered with SWIFT to introduce Swift-Go payment solutions to its customers. Usman Ahmed assumed his role as Group CEO of NBB in January 2023.
