MUSCAT, DEC 22 - Over 150 VIPs, guests and executives from across Oman gathered yesterday at a spectacular gala dinner, hosted by Forbes Middle East, to honour the biggest and best organisations and leaders in the region. It was the first event that Forbes Middle East has hosted in Oman, during which it revealed the country’s most successful companies. These lists are featured in the December edition of Forbes Middle East magazine, within a special Oman report.
“We hope that this event will be an inspiration not only for existing organisations, but also for aspiring entrepreneurs. This is a great time to be in Oman, especially with the country working towards its Vision 2040. We expect to see entrepreneurship taking centre stage in the region, along with more Omani residents and organisations being ranked in Forbes Middle East’s lists in the future,” said Khuloud al Omian of Forbes Middle East.
Economic growth in the Sultanate is projected to spike to 6 per cent in 2020, according to a recent report by the World Bank. This is the highest rate of projected growth among GCC countries, compared to the expected 1.2 per cent in 2019. According to Oman Tech Fund, Oman is fostering a vibrant start-up ecosystem as it aims to become an innovation hub in the region.
In order to formulate the list, Forbes Middle East gathered information from the Muscat Stock Exchange, and evaluated market value, sales, assets and profits. Combined, the top 25 listed companies have approximately $111.8 billion worth of assets, and last year made $18.6 billion in revenue and $2.1 billion in profit.
The unlisted companies ranking took into account the size of the business (in regard to number of employees, offices and countries present), the age of the company, its social initiatives, transparency and editorial points.
The top 25 listed companies are: Omantel, Bank Muscat, Bank Dhofar, National Bank Of Oman, OMINVEST, Ooredoo Oman, Sohar International Bank, HSBC Bank Oman, Ahli Bank, Renaissance Services, Phoenix Power, Shell Oman Marketing, Sembcorp Salalah, Oman Cables Industry, Oman Flour Mills (OFMI), Oman Oil Marketing, Bank Nizwa, National Finance, National Life & General Ins, Al Suwadi Power, Al Maha Petroleum Products, Al Batinah Power, Oman Cement, Oman Refreshment, and Salalah Port Services.
The 25 unlisted companies are: Oman Investment Fund, Petroleum Development Oman, Oman Air, OQ, Asyad, Omran, Zubair Corp, Suhail Bahwan Group, Saud Bahwan Group, MB Holding, Zawawi Group, Khimji Ramdas Group, Mohsin Haider Darwish, Al Tasnim Enterprises, Muscat Overseas Group, Al Siraj Group, Al Ansari Group, Al Adrak, Al Burkan Group, Al Ramooz Group, Al Khalil Group, Al Turki Enterprises, Bahwan Cybertek, Al Raid Group, and Al Harthy Group.
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