Top 10 Companies in Saudi Arabia
Saudi Arabia is undergoing an economic revolution — one that has raised its top corporations to prominent positions on both regional and global stages. In 2024, Saudi companies dominated Forbes Middle East’s ranking of the 100 most powerful firms in the region, with 33 Saudi entries spanning 13 sectors. The combined market value of the Kingdom’s ten largest companies reached an estimated USD 2.5 trillion, led by none other than Saudi Aramco — valued at USD 2.1 trillion, making it the world’s largest oil and gas company.
Collectively, these ten powerhouse corporations generated revenues of USD 737.8 billion and held assets exceeding USD 1.6 trillion by the end of 2023. They represent the momentum of Saudi Arabia’s economic ascent and its growing influence across international markets.
Saudi Aramco
Topping the list, as expected, is Saudi Aramco, a global titan in the energy sector. In 2023, the company reported profits worth a staggering USD 161.1 billion. Despite its market dominance and legacy, Aramco is actively expanding its global footprint. In March 2023, the company finalised its acquisition of Valvoline’s global products business for USD 2.65 billion, and secured a 10% stake in China’s Rongsheng Petrochemical for USD 3.6 billion. These bold, strategic moves reflect Aramco’s vision to expand into new markets and enhance its role in the global refining and chemicals sector.
SABIC (Saudi Basic Industries Corporation)
Ranked second is SABIC, one of the world’s largest petrochemical manufacturers. With operations in over 50 countries and a production network spanning 65 industrial sites, SABIC is a central pillar in the Kingdom’s industrial base. In 2023, the company recorded USD 52.9 billion in revenue and held a market valuation of approximately USD 74.3 billion. Aramco’s acquisition of a 70% stake in SABIC — valued at USD 69.1 billion — was a strategic consolidation of two energy sector giants.
Saudi National Bank (SNB)
Leading the financial sector is the Saudi National Bank (SNB) — the Kingdom’s largest bank by assets and market value. With a valuation of USD 59 billion, SNB reported a net profit of USD 5 billion in 2023, despite global market headwinds. In a high-profile international move, the bank acquired a 9.88% stake in Credit Suisse. However, this investment saw a post-acquisition loss of roughly USD 1.2 billion following the UBS takeover of the Swiss banking group.
Al Rajhi Bank
Originally established in 1957 as a currency exchange house, Al Rajhi Bank has grown extensively over the decades and now is the region’s most valuable banking institution, with a market capitalisation of USD 82 billion. Serving over 13 million customers through a vast network of 557 branches, Al Rajhi remains the crown jewel of the Saudi financial system, praised for its profitability and asset management.
Saudi Electricity Company (SEC)
In the utilities space, Saudi Electricity Company (SEC) stands as the largest power utility in the Middle East. It owns and operates the Kingdom’s entire electricity transmission and distribution network, serving approximately 10.9 million customers. SEC reported profits of USD 4 billion in 2023. The Saudi government, through the Public Investment Fund (PIF), holds a 74.3% stake — highlighting the company’s central role in powering Saudi Arabia’s economic engine.
stc Group
Saudi Arabia’s telecommunications sector is led by stc Group, the country’s largest telecom operator, with a market share of USD 59.2 billion. The company has recorded consistent growth in both sales and profits and plays a pivotal role in advancing Saudi Arabia’s digital infrastructure. In a move to boost competitiveness and support future expansion, stc raised its capital to USD 13.3 billion in 2023.
Ma’aden (Saudi Arabian Mining Company)
Ma’aden holds the title of the Middle East’s largest mining firm and continues to scale up its exploration and production capabilities. In January 2023, Ma’aden entered new joint ventures with global players like Barrick Gold to explore uncharted territories within Saudi Arabia. With a market value of USD 45.5 billion, Ma’aden is actively positioning itself as a global force in the mining industry.
Riyad Bank
Riyad Bank reported a 16.5% increase in net profits in 2023, marking a year of robust performance. With a market valuation of USD 24.1 billion, the bank has built a solid international presence with branches in the UK, the US, and Singapore. Known for its diversified financial services and strategic investments, Riyad Bank plays a key role in the Kingdom’s financial ecosystem.
Saudi Awwal Bank (SAB)
Formerly known as “SABB,” Saudi Awwal Bank (SAB) underwent a major rebranding in April 2023 following its merger with Alawwal Bank — one of the region’s largest banking mergers. Now valued at USD 19.8 billion, SAB caters to a broad segment of clients and offers a full suite of advanced financial services tailored to the Saudi market.
Alinma Bank
Founded in 2006, Alinma Bank is among the fastest-growing financial institutions in the Kingdom. In 2023, it recorded a 32.8% year-on-year surge in net profits and now serves close to 4 million clients. With total assets of USD 53.4 billion and an innovative investment strategy, Alinma continues to strengthen its foothold in Saudi Arabia’s competitive banking sector.
The Kingdom’s Economic Powerhouses
These corporate giants have shouldered the economic growth in Saudi Arabia. Whether in energy, finance, mining, or telecom, these companies are not only fueling the Kingdom’s prosperity but also strengthening its status as a rising global economic force. With continued momentum and strategic international decisions, Saudi Arabia is well-positioned for even greater milestones in the years ahead.