By Elsa Baxter
Investment authority releases list of top 100 emerging firms in kingdom.
Construction firm, Worley Parsons Arabia, has been named as Saudi Arabia’s fastest growing new business, according to the latest research.
A list of the kingdom’s top 100 emerging firms was released by the Saudi Arabian General Investment Authority's (SAGIA) at the annual Global Competitiveness Forum in Riyadh on Tuesday.
The list “reveals a diverse array of robust companies, the majority founded by entrepreneurs, male and female, who are young and aggressive”, the firm said in a statement.
Also in the top 10 were Full Stop, a public relations firm, Brains a construction firm and the telecom company Alcantara Group.
“This vital group of emerging growth companies provides the oxygen of the economy. These trail-blazers will be the most potent signal that Saudi Arabia is a dynamic economy full of creativity and opportunity,” said Amr Al-Dabbah, SAGIA's governor.
Harvard Professor Michael Porter, said: "These companies have already created more than 19,000 jobs and their ambition is to keep growing."
Top 10 fastest growing Saudi companies
1. Worley Parsons Arabia, construction, SR200-500m
2. Full Stop, public relations, SR10-50m
3. SecuTronic, telecoms, SR10-50m
4. IT Security Training and Solutions, telecoms, SR50-200m
5. Construction Building Co, construction, SR50-200m
6. Intercontinental Travel Co, tourism, SR10-50m
7. Tamkeen Industrial & Trading, science and tech services, SR10-50m
8. Brains, construction, SR10-50m
9. Advanced Communications Electronics Systems, telecoms, SR200-500m
10. Alcantara Group, telecoms, SR10-50m
For the full 2010 Saudi Fast Growth 100 list visit www.saudifastgrowth100.com.