In a recent announcement, Saudi Aramco has once again secured the number one spot in Forbes Middle East's Top 100 listed companies for 2024.

With an impressive $660.8 billion in assets and a market value of $1.9 trillion, the energy giant outperformed other contenders.

The Saudi National Bank, the largest commercial financial institution in the Kingdom, came in second, with $276.6 billion in assets and $59.1 billion in market value.

The UAE-based International Holding Co. and Qatar National Bank Group took the third and fourth spots, respectively.

Notably, Saudi Aramco recently conducted a secondary offering of 1.545 billion shares, worth over $11 billion, one of the largest stock sales in recent years.

Following the completion of this offering, international investors now hold 0.73% of Aramco's total shares.

The ranking was determined by Forbes Middle East, who collected data from listed stock exchanges in the Arab world, evaluating firms based on their sales, assets, profits for the 2023 financial year, and market value as of April 26, 2024.

Title: "Forbes' Top 10 Middle Eastern Banks of 2024: Aramco Tops the List"

Summary:

In a recent report, Forbes has ranked the top 10 Middle Eastern banks of 2024.

The energy giant, Aramco, takes the first position, following significant moves in the first quarter, including a joint stake purchase with Rongsheng Petrochemical and a $4 billion investment in its venture capital arm, Aramco Ventures.

First Abu Dhabi Bank and Emirates NBD follow in the fifth and sixth spots, respectively.

Saudi Arabia’s Al-Rajhi Bank and UAE’s TAQA Group occupy the seventh and eighth positions, while Saudi Electricity Co. and Kuwait Finance House round out the top 10.

Notably, companies without their 2023 audited financial statements as of April 26, 2024, were excluded from the ranking.

Title: "GCC Companies Dominate Global Rankings: A Focus on Banking, Finance, and Energy"

Summary:

In a recent report, companies from the Gulf Cooperation Council (GCC) region have taken the lead, with 92 entries in total.

The United Arab Emirates and Saudi Arabia lead the pack with 32 and 31 firms respectively.

Other notable mentions include 14 companies from Qatar, 10 from Kuwait, four from Morocco, three from Bahrain, two each from Egypt, Jordan, and Oman.

The banking and financial services sector is the most represented, generating aggregate sales of $223.5 billion and $3.3 trillion in assets.

However, the energy sector, with five companies, proved to be the most profitable, thanks to Saudi Aramco, which reported a net profit of $27.27 billion in the first quarter of 2023, marking a 2.04% increase compared to the last quarter of 2023.

Title: "Saudi Aramco Remains Middle East's Most Valuable Brand Despite Market Challenges"

Summary:

In a recent report by Brand Finance, Saudi Aramco has once again been crowned as the most sought-after brand in the Middle East, with a brand value of $41.5 billion.

Despite an 8% drop in its brand value due to a decrease in crude oil prices and lower sales volumes, Saudi Aramco continues to dominate the region, demonstrating its resilience in the face of market challenges.