By Daniel Shane
Arabian Business reveals the 30 firms in the UAE that banked the biggest profits last year
Telecoms operator Etisalat is the UAE’s most profitable company, according to the findings of research unveiled by Arabian Business today.
Banking a total net income of US$1.59bn in 2011, Etisalat trumped ports operator DP World and National Bank of Abu Dhabi, which came in second and third places, respectively.
Etisalat, which also has a significant market presence outside of the UAE, also came out top in Arabian Business's earlier report on the UAE's top 50 companies by market capitalisation.
A large proportion of the list is dominated by the UAE’s financial sector, with banks and investment firms featuring heavily, particularly in the top ten.
Other sectors with a notable presence were real estate, logistics, construction and energy.
The index ranked those companies whose financial results for 2011 have been reported and are publicly available.
The only exception to this case was DP World, whose full year profit figure was extrapolated from the company’s 1H11 financial report.
So what this survey shows is that banks and a telecoms company that is part of a duopoly are doing the best. So why aren't more of the banks lending to SMEs to kickstart the real economy here in the UAE when they are making so much money? Shocking results when you consider how people are still struggling
Etisalat are only one of the most profitable companies because they are part of an oligopoly. If there was great competition allowed between the telecoms industry, i doubt they would have fared so well.