Bahrain claims three spots on Forbes Mideast’s top 100 list
Three Bahrain-based companies secured positions on Forbes Middle East’s prestigious Top 100 list of the region’s leading firms, reflecting the kingdom’s strong industrial and financial sectors.
Aluminium behemoth Alba led the Bahraini contingent, landing at 63rd place. The company, helmed by chief executive Ali Al Baqali, boasts a market value of $4.8 billion and assets of $6.8bn. A global leader in aluminium smelting, Alba produced more than 1.62 million metric tonnes of the metal in 2023, translating to sales of $4.1bn and net profits of $314m.
Mr Baqali
Notably, the company clinched a secure gas supply deal with Bapco Energies in January 2024, locking in a fixed price for the first five years of the 10-year agreement. Publicly traded on both the Bahrain Bourse and the London Stock Exchange, Alba demonstrates its commitment to international market participation.
Following closely behind in 84th place is banking giant Bank ABC. Sael Al Waary, the group chief executive, oversees a vast network offering international wholesale banking services across 15 countries. With a market value of $951m, Bank ABC reported sales of $3.4bn in 2023, generating net profits of $296m.
Mr Al Waary
A significant development for the bank came in March 2024 with the completion of its merger with BLOM Bank Egypt, a move that tripled its market share in that nation.
Further solidifying its regional presence, Bank ABC partnered with Yellow Door Energy in December 2023, providing multi-million dollar financing for Majid Al Futtaim’s solar power projects across the UAE, Bahrain and Oman. The Central Bank of Libya and the Kuwait Investment Authority hold major shares in Bank ABC.
Rounding out Bahrain’s representation on the list is National Bank of Bahrain Group (NBB Group) at 92nd place. Usman Ahmed leads the group, which boasts a market value of $3.2bn. The bank reported sales of $823m and net profits of $216m in 2023.
Mr Ahmed
Established in 1957, NBB Group operates across Bahrain, the UAE and Saudi Arabia. The bank owns a significant stake in Bahrain Islamic Bank, demonstrating its diversification into Islamic banking. In a move to enhance its digital offerings, NBB launched a new personal financing option through its mobile app (NBB Digital) in March 2024. Additionally, the bank introduced a mortgage bundling package in February 2024, allowing property buyers to combine solar financing with their traditional mortgage.
Saudi oil giant Aramco has retained the top spot this year on the list with a whopping $660.8bn in assets and $1.9 trillion in market value.
In a breakdown of the rankings, Forbes Middle East highlighted the strong showing of companies from the GCC, with a total of 92 firms on the list.
The UAE emerged as the regional leader, boasting 32 entries, followed closely by Saudi Arabia with 31 companies.
The banking and financial services sector continues to be the most represented with 45 entries generating combined sales of $223.5bn and holding $3.3trn in assets.
Six of the top 10 companies operate in banking and financial services. However, the energy sector, with five companies, remains the most profitable, boasting total profits of $127.5bn, largely due to Aramco.
Telecommunications and industrials are the second and third most represented sectors, with nine and seven entries, respectively, it stated.
Collectively, the 100 companies experienced a 5.1pc decline in sales, dropping from $1.1trn in 2022 to $1trn in 2023.
Their net profits also fell by 13.5pc to $240.2bn, and their total market value saw a slight reduction of 4.4pc to $3.6trn as of April 2024.
Nonetheless, the total value of their assets increased by 5.4pc to $4.9trn in 2023 compared with the previous year.
avinash@gdnmedia.bh
