Aramco tops Forbes list of Middle East's 100 most valuable companies

Aramco, the world’s largest energy company, has once again topped the Forbes list of the Middle East’s 100 most valuable companies, with a market value of US$1.7 trillion

The energy giant recorded a revenue of US$446bn and net income of US$104.7bn in 2025.

Other energy companies featuring in the top 10 included the UAE’s utilities and energy company TAQA, in fourth place with a market value of US$87.9bn, and ADNOC Gas in sixth place, with a market value of $75.4 billion. Other energy or energy-related companies in the list included Saudi Arabia’s SABIC, Dubai Electricity and Water Authority (DEWA), Saudi Arabia’s Acwa, the UAE’s ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services, Saudi Electricity Company, Oman’s OQ Exploration & Production (OQEP), Saudi Arabia’s ADES Holding, TAQA Morocco, the UAE’s Empower, Saudi Arabia’s Luberef, and Qatar’s Nebras Energy.

While banking and financial services remains the sector with most representation, with 34 companies represented and a combined market value of US$732.6bn, the energy sector features just nine companies on the list, but still accounts for US$1.9 trillion in market capitalisation, underlining how central hydrocarbons remain to the region’s corporate balance sheet and reflecting Aramco’s dominance.

The UAE leads the ranking by numbers, with 35 companies on the list, followed closely by Saudi Arabia with 34. Qatar placed 11 companies, Morocco nine, and Kuwait six. However, in terms of scale, Saudi Arabia dominates, with Saudi-listed firms making up US$2.4 trillion of the combined market value of the top 100 – around 64% of the total. Aramco is again a factor, alone accounting for nearly 40% of the total market value of all listed companies in the region.

The ranking is based on market capitalisation data from 12 stock exchanges across 11 MENA countries. Across the 12 stock exchanges, total market capitalisation in MENA reached US$4.3 trillion in January 2026, with the region’s top 100 listed companies accounting for US$3.7 trillion of that figure. Overall, GCC countries account for 88% of the companies in the ranking, with the top 10 split evenly between the UAE and Saudi Arabia, reinforcing their role as the region’s two corporate centres of gravity.