Revealed: Gulf's most admired companies

16. MTC (Kuwait)
Telecoms
The MTC Group is a pioneer in mobile telecommunications in the Middle East and on the African continent. The company was incorporated in 1983 in Kuwait as the region's first mobile operator and since the initiation of its ‘3x3x3' profitable expansion strategy in 2003, it has grown at an electrifying pace.

Now in six Middle Eastern and 14 sub-Saharan African countries with over 12,700 employees, MTC provides a comprehensive range of mobile voice and data services to over 27 million active individual and business customers.

The company already operates in Kuwait and Bahrain as MTC-Vodafone, in Jordan as Fastlink, in Iraq as MTC Atheer, in Lebanon as MTC touch, in Sudan as Mobitel and in 14 sub-Saharan countries in Africa as Celtel.

Next, MTC is expected to secure Saudi Arabia's third mobile phone licence with a bid of US$6.1bn. MTC's consortium, whose bid was the highest, is expected to fight off the six other qualified bidders. It is thought MTC will sell 40% of the new telco firm's shares in an IPO.

Reports earlier this month speculated that the business is set to double its profits for Q1 2007 to US$400m, suggesting that it is on target to reach its stated goals by the year 2011. It will then serve 70 million customers, attain a US$6bn EBITDA, and reach a market capitalisation of US$30bn - and in the process become one of the top 10 mobile operators in the world.

17. Aldar Properties (UAE)
Property
Aldar Properties is a premier real estate development, management and investment company headquartered in Abu Dhabi. Last week, the company announced the latest in a series of grand projects that will shape the future of the emirate - a premium gated resort and residential development on the two islands located off the tip of Abu Dhabi's Western coast.

The current property portfolio includes major developments and re-developments within Abu Dhabi emirate, such as Yas Island (including the emirate's first Formula One track), the Central Market in Abu Dhabi, the Al Raha Beach Development in Sas Al Nahkel, Al Gurm Resort, Ferrari World, Al Mamoura (the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi), Al Jimi Mall Expansion in Al Ain and Jebel Hafeet Resort in Jebel Hafeet, Al Ain.

18. Dubai International Capital (UAE)
Investment
The international investment company is a wholly owned subsidiary of Dubai Holding, and manages an international portfolio of diverse assets that provide its stakeholders with value growth and strategic investments and relationships. This year, DIC has been in the news largely due to its offloading of DaimlerChrysler shares, and its sale of the UK-based Tussauds Group.

Both proved shrewd investments for DIC. The carmaker's shares lifted by 21% after CEO Sameer Al Ansari suggested last November that a sale was likely, and when DIC finally completed the sell-off, the shares were worth over 70% more than when the Dubai company bought them two years' previously. DIC bought The Tussauds Group for US$1.57bn in 2005, then sold it to Legoland owner Merlin Entertainments for US$2bn two years later.

Meanwhile, last year's high-profile international acquisitions included Doncasters Group Limited, a UK-based manufacturer of precision engineering components and systems for US$1.38bn; and Travelodge, the UK's leading budget hotel brand, for US$1.33bn.

DIC is also a substantial investor in the Middle East. Investments include Ishraq, a US$150m investment company that was formed to bring the Holiday Inn Express brand of hotels to the GCC countries, and MENA Infrastructure Fund, a US$500m fund targeting investment opportunities in infrastructure projects in the Middle East and North Africa region. In 2005, DIC launched Jordan Dubai Capital, a US$300m investment fund that targets private equity opportunities in the Jordanian economy.

DIC has also held the first closing of its US$2bn Global Strategic Equities fund. Commitments for the first close totalled US$1bn with a second close in early 2008.

19. Agility (Kuwait)
Logistics
Rumours abound that the Kuwaiti logistics company is to buy an unnamed Australian business for up to US$100m within the next few weeks - and such a move would be typical of a company that has gone from global strength to strength. Already, Agility (formerly PWC) is a global provider of integrated supply chain solutions with more than 20,000 employees, 450 offices in 100 countries around the world and over US$4.5bn in annual revenue.

A publicly traded company, Agility offers its customers a personalised service and flexible solutions tailored to meet their individual needs. This is supported by a comprehensive network of warehousing facilities, transportation and freight management services, for clients spanning a range of industries from technology and retail to consumer products and oil and gas.

In addition, Agility has three specialised business units including defence & government services, project logistics, and fairs & events logistics.

Aside from the mooted Australian acquisition, the company is expected to seal three deals in China in the coming months as part of its Asia-Pacific expansion drive. Agility is hoping to hike its revenues to US$8bn by 2008.

20. Air Arabia (UAE)
Aviation
Based in Sharjah and with a fleet of nine Airbus A320 aircraft, budget carrier Air Arabia serves 35 destinations across the Middle East, North Africa, Indian Subcontinent and Central Asia, including Afghanistan, Armenia, Bahrain, Egypt, India, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Oman, Nepal, Oman, Qatar, Saudi Arabia, Sri Lanka, Syria, Sudan, Turkey and Yemen.

The carrier is modelled on leading American and European low-cost airlines and is customised to local preferences. Its main focus is to make air travel more convenient through internet bookings, and offering the lowest fares in the market without sacrificing on service or safety standards.

Such priorities appear to have served Air Arabia well. A US$700m initial public offering was one and half times oversubscribed, according to the carrier, and the shares, representing 55% of the airline's capital, will be listed on the Dubai Financial Market.

The company intends to use the proceeds from the offering, in addition to bank financing, to expand the size of its existing fleet from nine to at least 34 aircraft by 2016.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM