Aug 18 2006 |
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SABIC Tops Forbes 50 Best Companies List
DUBAI -- Forbes Arabia, the Dubai-based Arabic edition of the world-renowned business and financial magazine Forbes, will unveil its first-ever listing of the 50 best performing companies in the Arab countries next week, in its forthcoming issue scheduled to hit newsstands on Aug. 20. Twenty-two Saudi companies and 11 companies from the UAE have made the list. Companies from Qatar, Kuwait, Lebanon, Egypt and Jordon have taken the other slots.First three companies ranked are all Saudi -- Saudi Basic Industries Corporation (SABIC) , Saudi Telecom Company and Al Rajhi Bank . All companies listed in stock markets across 13 Arab countries were eligible to be part of the ranking. To identify 50 best performing companies, Forbes Arabia factored in financial measures pertaining both to operational efficiency and market success.
"Arab companies are witnessing a major transformation. Privatization and the use of a wider range of financial instruments are also helping to create a sound business environment," said Forbes Arabia Editor in Chief Dr. Sulaiman Al-Hattlan. "This cream of the crop is not only a ranking by market capitalization, but we've also taken into consideration different operational and financial variables. We hope there are some surprises." Today, companies in the Arab world face tremendous challenges including globalization, market pressures, technological changes, and regulatory compliance.
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