Saudi Arabia is known for being home to some of the largest and most successful companies in the Middle East. These companies operate in various sectors, including oil and gas, finance, telecommunications, and construction. The top companies in Saudi Arabia are often ranked based on their market capitalization, revenue, and profitability.

The Saudi Aramco, or Saudi Arabian Oil Company, is the largest company in Saudi Arabia and the world’s most valuable company. This state-owned gas and oil corporation accounts for the majority of the nation’s oil production. Other top companies in Saudi Arabia include SABIC, a petrochemical company, and Al Rajhi Bank, one of the most prominent Islamic banks in the world.

Forbes Middle East releases a list of the top 100 Middle Eastern businesses each year, and Saudi Arabia consistently has many entries. In addition to the Forbes list, some other rankings and reports highlight the top companies in Saudi Arabia. Investors and analysts often use these rankings to evaluate companies’ performance and make investment decisions.

Overview of the Saudi Economy

Saudi Arabia is the main economy in the Middle East and North Africa (MENA) area, with a nominal GDP of $793.97 billion in the fiscal year 2020. The country relies heavily on oil, which accounts for over 70% of government revenue and 40% of GDP. However, the government has been working to diversify the economy and reduce its dependence on oil exports through its Vision 2030 plan.

Economic Significance of Oil

Oil has been the main driver of Saudi Arabia’s economy for decades. The country is the world’s largest oil exporter and has the second-largest proven oil reserves after Venezuela. The majority of the nation’s oil reserves and production are under the hands of Saudi Aramco, a state-owned oil firm dominates the oil sector. The company generated $111.1 billion in revenue in 2020, making it the world’s most profitable.

Diversification and Vision 2030

In recent years, the Saudi government has become less dependent on oil exports and more interested in diversifying the country’s economy. The Vision 2030 plan, launched in 2016, aims to transform the country’s economy by developing new industries and increasing foreign investment. The plan includes initiatives to promote sectors such as mining, healthcare, and chemicals and to develop the tourism industry.

The government has also been improving the business environment and attracting foreign investors. Out of 190 countries, Saudi Arabia rose to 62nd place in the World Bank’s 2020 Ease of Doing Business study from 92nd place. The nation has also started a number of projects to promote entrepreneurship and assist small and medium-sized businesses (SMEs).

Saudi Arabia’s economy has been expanding gradually lately, and in 2020, its GDP is expected to grow at a rate of 2.3%. In the upcoming years, growth will be further stimulated by the government’s efforts to diversify the economy and lessen reliance on oil exports.

Leading Saudi Companies by Revenue

Saudi Arabia is home to some of the world’s largest and most profitable companies. These companies have contributed significantly to the country’s economy, from oil and gas to telecommunications. This section will examine some of the leading Saudi companies by revenue.

Saudi Aramco

Saudi Aramco is the world’s largest oil company, headquartered in Dhahran, Saudi Arabia. The company was founded in 1933 and has since grown to become one of the most profitable companies in the world. In 2024, the company reported revenue of $552.1 billion, making it the largest company in Saudi Arabia by revenue. Saudi Aramco has a market capitalization of $1.9 trillion and is responsible for producing over 10% of the world’s oil.

SABIC (Saudi Basic Industries Corporation)

SABIC is a Saudi Arabian multinational chemical manufacturing company headquartered in Riyadh. Founded in 1976, it has expanded to rank among the biggest chemical corporations worldwide. In 2024, SABIC reported revenue of $31.2 billion, making it the second-largest company in Saudi Arabia by revenue. The company produces various chemicals, including fertilizers, plastics, and metals.

Saudi Telecom Company

Saudi Telecom Company (STC) is a Saudi Arabian telecommunications company headquartered in Riyadh. Founded in 1998, it has become one of the largest in the Middle East. In 2024, STC reported revenue of $2.82 billion, making it one of the largest companies in Saudi Arabia by revenue. The company provides various telecommunications services, including mobile, fixed-line, and internet.

In conclusion, Several of the most giant and most prosperous corporations in the world are based in Saudi Arabia. These companies have contributed significantly to the country’s economy and continue to grow and expand their operations.

Critical Sectors in Saudi Business Landscape

Banking and Finance

Saudi Arabia’s banking sector is one of the most robust and stable in the world. The country’s banking system is dominated by large, well-capitalized banks that have weathered economic crises and continue to grow. The Saudi National Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Arab National Bank, and Alinma Bank are some of the largest banks in the country.

Utilities and Energy

Saudi Arabia is the world’s largest oil exporter and is home to the world’s largest oil company, Saudi Aramco. The country’s utilities and energy sector significantly contribute to its economy. The Saudi Electricity Company is the country’s largest power generation and distribution company, providing electricity to over 80% of the population.

Food and Agriculture

Saudi Arabia is largely reliant on imports of food, making the food and agriculture sectors a crucial part of the country’s economy. Almarai, a leading food and beverage company, holds the title of the biggest dairy company in the Middle East and North Africa, with a $2.53 billion market value.

Healthcare and Insurance

The Saudi Arabian healthcare and insurance sector is rapidly growing, driven by the country’s growing population and increasing demand for healthcare services. Bupa Arabia is the country’s largest health insurance provider, offering a range of products to individuals and companies.

Saudi Arabia’s business landscape is diverse and dynamic, with numerous opportunities for growth and success. The country’s key sectors, including banking and finance, utilities and energy, food and agriculture, and healthcare and insurance, are among the most important contributors to its economy.

Employment and Workforce Insights

Largest Employers

Saudi Arabia is home to some of the world’s largest and most successful companies. One of the most prominent companies in the country is Saudi Aramco, the largest employer with over 76,000 employees. Other major employers in the country include SABIC, Saudi Telecom Company, and Saudi Electricity Company, each with over 10,000 workers.

Workforce Trends

The workforce in Saudi Arabia is projected to become highly digital soon, with companies relying more on virtual and remote hiring procedures to minimize costs and maximize efficiency. This trend will increase in the coming years, especially among emerging industries.

Moreover, the country also focuses on Saudization, an encompassing national vision to improve Saudi Arabia’s socio-economic structure. Saudization aims to create a self-sustainable Saudi Arabia where young Saudi men and women are integral to driving their nation’s growth. This is expected to create new opportunities for the country’s workforce, particularly in technology and education.

In conclusion, Saudi Arabia’s workforce is undergoing significant changes, with companies adopting digital hiring procedures and the government focusing on Saudization to drive growth. As a result, the country is expected to continue to attract top talent and maintain its position as a leading business hub in the Middle East.

Financial Performance

Annual Revenue Figures

Saudi Arabia boasts of some of the largest financial companies in the world. The country’s top financial companies, including Saudi Aramco, Saudi Telecom Company, and Saudi National Bank, have performed exceptionally well in revenue generation. In 2024, the revenue figures for these companies were as follows:

• Saudi Aramco: $2.82 trillion
• Saudi Telecom Company: $2.53 billion
• Saudi National Bank: $2.34 billion

Other financial companies in Saudi Arabia that have also been recording impressive revenue figures include Al Rajhi Banking and Investment Corp, which had a market cap of $93.33 billion as of January 1, 2024.

Profitability and Market Share

The profitability of financial companies and their market share in Saudi Arabia have risen recently. According to a report by SAMA, the paid-up share capital of finance companies in the country increased by 0.6% to SAR 14.64 billion in 2022. Net income also rose by 3.3% to SAR 1.86 billion, while total assets grew by 6.5% to SAR 57.02 billion. The total finance portfolio also increased by 10.8% to SAR 75.45 billion.

Furthermore, the banking sector in Saudi Arabia has been experiencing steady growth in terms of loan and deposit volumes. Between 2011 and 2022, loan volumes grew at a CAGR of 9.6%, while deposits grew 6.8%. This resulted in a loan-to-Deposit ratio (LDR) growth from 77% to 101%.

Overall, the financial performance of companies in Saudi Arabia has been impressive, with most indicators showing positive growth.

Frequently Asked Questions

Which are the leading companies to work for in Riyadh?

Riyadh is home to several leading companies in Saudi Arabia. Some of the top companies to work for in Riyadh include Saudi Aramco, SABIC, STC, and Al Rajhi Bank. These companies offer competitive salaries, benefits, and opportunities for career growth.

What are the largest multinational corporations operating in Saudi Arabia?

Saudi Arabia is an attractive destination for multinational corporations due to its strategic location, stable economy, and business-friendly environment. Among the biggest international companies present in Saudi Arabia are Procter & Gamble, General Electric, Siemens, and IBM.

What is considered a competitive salary among top Saudi Arabian companies?

A competitive salary among top Saudi Arabian companies varies depending on the industry, job position, and experience level. However, the average salary for a professional with 5-10 years of experience is around SAR 20,000 monthly. Top executives and senior managers can earn upwards of SAR 50,000 per month.

Who are the major players in Saudi Arabia’s business sector?

Major players, including Saudi Aramco, SABIC, STC, Al Rajhi Bank, and Saudi Telecom Company, dominate Saudi Arabia’s business sector. These companies significantly impact the country’s economy and contribute to its growth and development.

What is the biggest Saudi-owned company as of this year?

As of this year, Saudi Aramco is the biggest Saudi-owned company and the world’s largest oil producer. With a market capitalization of over $2 trillion, it is crucial to the country’s economy.

Can you list the most influential Saudi brands currently?

Some of the most influential Saudi brands currently include Almarai, Saudi Telecom Company, SABIC, Saudi Arabian Airlines, and Saudi Aramco. These companies have a strong presence in the country and are known for their quality products and services.

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