Saudi Aramco, the world’s top oil producer, is once again the largest business enterprise in the Muslim world, according to business strategy e-magazine Dinar Standard. Its DS100, a ranking of the Top 100 businesses in the 57 member countries of the Organization of the Islamic Conference (OIC), is published annually.
In 2007, there were 15 Saudi companies on the list. In addition to Saudi Aramco, which saw a 19 per cent rise in annual revenue, the other Saudi companies on the fourth annual DS100 are Saudi Basic Industries Corp. (ranking 12th), Saudi Telecom Co. (No. 20), Saudi Oger Company Ltd. (No. 26), Saudi Electricity Company (No. 35), Dallah Albaraka Group (No. 36), Saudi Binladin Group (No. 39), Saad Group of Companies (No. 50), Consolidated Contractors International Company (No. 53), National Commercial Bank (No. 64), Abdul Latif Jameel Group (No. 65), Al-Rajhi Bank (No. 75), Samba Financial Group (No. 78), Savola Group (No. 81) and Riyad Bank (No. 93).
The ranking showcases the continuing growth of the Muslim world economies with $1.08 trillion in total revenues and a healthy 14.6 per cent in revenue growth compared to the previous year.
Due to rising oil prices, which are hovering around $90 a barrel currently, the 20 integrated oil and gas companies on the list continued their dominance representing 65 per cent of the total DS100 company revenues.
However, the biggest year-on-year growth in revenues was logged by construction services companies at 74 per cent, followed by 43 per cent by the transportation services sector, 34 per cent by basic materials (chemical, iron, copper, other) sector and 27 per cent by the finance sector. The integrated oil and gas companies logged a year-on-year revenue growth of 21 percent.
Overall, the energy sector continues to confirm its dominance based on the fact that nine out of the ten top companies on the list are all state-owned integrated oil and gas companies of which Kuwait Petroleum (No. 3) showed the largest growth, 38 percent, in estimated revenues compared to previous year.
“This year’s ranking highlights the anchor role oil revenues are playing in aggressive diversification of OIC member state economies,” said Rafi-uddin Shikoh, editor of Dinar Standard. “We see a higher level of maturity in management practices among the DS100 companies which is leading many to embark on global leadership plans. This is a very healthy trend,” he added.
Turkish companies continue to dominate the list with 24 enterprises, followed by 17 from Malaysia, 15 from Saudi Arabia, nine from Indonesia, and seven from the UAE. Other countries represented include Egypt, Kuwait, Pakistan, Iran, Nigeria, Morocco, Kazakhstan, Bahrain and Algeria.
The number of publicly-listed companies on the DS100 modestly increased in this year’s ranking. The 2007 DS100 list has 57 publicly-traded firms from 13 countries compared to the previous year’s 55 firms from 11 countries. The minimum threshold to be on the 2007 DS100 list was $1.72 billion.
Pascual said the purpose of the Forum was to provide a link between politicians, intellectuals and policy makers in the US and the Islamic world to foster better understanding.