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Mon 2 Apr 2007 09:55 AM

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Gulf firms omitted from Forbes list

Only four GCC companies rank on a list of the world's 2000 largest public companies.

A paltry four companies from Gulf Cooperation Council countries have made it onto the Forbes list of the world's 2000 largest public companies.

All four GCC companies on the list are from Saudi Arabia.

Saudi Basic Industries (SABIC) was the highest ranked company at 157
th

, registering sales of $20.87 billion, profit of $5.11 billion and a market value of $76.83 billion.

Saudi Telecommunications came 420
th

with a market value of $38.93 billion; Al Rajhi Bank came 640
th

with a value of $37.62 billion; Saudi Electricity is 706
th

with a value of $14.72 billion; and Riyad Bank was the GCC's final entry at 853
rd

and a value of $10.08 billion.

The UAE, and other GCC countries did not feature on the list, despite their largest public companies comfortably performing well enough to figure. Emaar Properties, for example, has a market capitalisation of $18.3 billion, higher than JC Penny in the United States and Alcatel-Lucent in France.

The top five companies in the world by market value are all American:

ExonMobil: $410.65 billion

General Electric: $358.98 billion

Microsoft: $275.85 billion

Citigroup: $247.42 billion

AT&T: $229.78 billion

The highest ranked non-American company is Toyota, with a value of $217.69. The largest Indian company is Oil & Natural Gas, worth $38.19 billion.

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