The Middle East is home to some of the world’s most profitable corporations, driven by oil and gas wealth, financial services, and growing diversification into technology and logistics. Here are the top 10 most profitable companies in the region, based on their latest annual net profits.
1. Saudi Aramco (Saudi Arabia)
Industry: Oil & Gas
2023 Net Profit: $121.3 billion
- The world’s most profitable company, dominating global oil production.
- Expanding into renewables and hydrogen energy.
2. QatarEnergy (Qatar)
Industry: Oil & Gas
2023 Net Profit: $42.1 billion
- One of the largest LNG exporters globally.
- Key supplier to Europe amid energy shifts.
3. Abu Dhabi National Oil Company (ADNOC, UAE)
Industry: Oil & Gas
2023 Net Profit: $36.8 billion
- Expanding downstream refining and petrochemicals.
- Investing in carbon capture and hydrogen.
4. Saudi National Bank (Saudi Arabia)
Industry: Banking
2023 Net Profit: $8.9 billion
- Largest bank in Saudi Arabia by assets.
- Strong corporate and retail banking growth.
5. Emirates Group (UAE)
Industry: Aviation & Travel
2023 Net Profit: $3.0 billion
- Includes Emirates Airlines and dnata (airport services).
- Post-pandemic recovery driving record profits.
6. First Abu Dhabi Bank (FAB, UAE)
Industry: Banking
2023 Net Profit: $4.5 billion
- UAE’s largest bank with strong investment banking.
- Expanding in Egypt and Saudi Arabia.
7. Kuwait Petroleum Corporation (Kuwait)
Industry: Oil & Gas
2023 Net Profit: $31.2 billion
- Major refiner and OPEC player.
- Boosting production capacity.
8. Ooredoo (Qatar)
Industry: Telecommunications
2023 Net Profit: $1.8 billion
- Leading telecom in Qatar, expanding in MENA and Asia.
- 5G and digital services driving growth.
9. Saudi Telecom Company (STC, Saudi Arabia)
Industry: Telecommunications
2023 Net Profit: $3.6 billion
- Dominates Saudi’s telecom sector.
- Investing in AI and cloud services.
10. DP World (UAE)
Industry: Ports & Logistics
2023 Net Profit: $1.5 billion
- One of the world’s largest port operators.
- Expanding into smart logistics and free zones.
Key Trends in Middle East Profits
- Oil & Gas Still Dominates – Aramco, QatarEnergy, and ADNOC remain profit leaders.
- Banks & Telecoms Growing – Digital banking and 5G are boosting non-oil profits.
- Diversification Underway – Companies like DP World and STC show the shift to logistics and tech.
Conclusion
While oil and gas giants still rule, Middle Eastern economies are seeing rising profits in banking, telecom, and logistics. As the region invests in AI, renewables, and tourism, expect new names to join this list in the coming years.
