Saudi Arabia's state-owned oil company Aramco, Kuwait Petroleum Corporation (KPC) and Dubai’s Emirates Group are among the top 10 of the first Fortune 500 businesses from 22 Arab countries, where companies were ranked by revenues.
The list, published Tuesday by Fortune 500 Arabia, was launched this year. It is a new addition to the esteemed global Fortune 500 lists that have been published by the eponymous US magazine since 1955.
The companies on the list posted around $1.6 trillion in revenues in 2022, yielding a net profit of $343 billion. Private companies — those not listed on financial markets — made up 9% of the list, Fortune said.
Saudi businesses made up 30% of all the companies on the list — or 153 of the 500. The United Arab Emirates followed with 17% of the businesses, then Egypt, Kuwait and Qatar.
