UAE companies enter Forbes’ list

(JOSEPH CAPELLAN)   

 


Some 11 UAE companies have made it to the list of world’s biggest companies compiled by Forbes magazine. Emaar Properties leads the UAE’s companies, ranking 726 on the list, followed closely by Emirates Bank Group at 855.

Other companies are National Bank of Abu Dhabi (910), Abu Dhabi Commercial Bank (1,025), Dubai Islamic Bank (1,055), Mashreq (1,069), First Gulf Bank (1,197), DP World (1,225), Dubai Financial Market (1,387), Union National Bank (1,607) and Aldar Properties (1,730).

HSBC Holdings leads this year’s global 2,000 in size, moving past Citigroup, which is now ranked 24.Forbes magazine has compiled the rankings on the basis of a composite score of sales, profit, assets and market capitalisation.

HSBC is followed by industrial conglomerate General Electric, Bank of America, JPMorgan Chase and ExxonMobil, all four from the US.

According to Forbes, the Global 2000 companies have combined revenues of $30 trillion (Dh110.1trn), $2.4trn of profit, $119trn in assets and $39trn in market capitalisation.

Besides, these companies employ 72 million people across the world. While the list is still dominated by the US companies, the number of American firms has dropped by 61 from previous year and 153 from 2004.

“In contrast, China, India and Brazil are rapidly adding companies to the list. India, for example, has 48 companies this year versus 27 in 2004,” report said.The biggest non-US company is sixth-ranked Royal Dutch/Shell Group.

In terms of sectors, banking has the largest presence with 315 firms in the global list. Even among the Indian companies, one-third or 16 of them belong to this sector.

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