Egypt has been a major player in the Middle East economy for centuries, and it continues to make big waves in terms of business. From established giants like Orascom Telecom and Talaat Moustafa Group to the rapidly growing tech start-ups that are transforming Egypt’s digital landscape, there is no shortage of opportunities for entrepreneurs looking to succeed in this bustling country.
As we are witnessing some economical change these days due to the devaluation of the Egyptian currency, some Egyptian companies were able to achieve enormous success and growth over the past year and joined 2022 Forbes List.
As you read through each profile, you’ll get an up-close look at what really makes these reputable enterprises so successful. This post promises to enlighten you about where many of the major players currently stand in the Egyptian market – all without having to rely on your own research!
Here’s what you need to know about the Forbes list and the top 50 companies.
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Forbes Lists Top 50 Successful Companies in Egypt
Forbes Middle East is one of the most powerful and famous magazines in the Middle East as its topics are based on authentic data and insights.
On the 6th of this month, Forbes Middle East published an article revealing the top 50 successful companies in Egypt. These 50 companies have out-performed themselves with outstanding growth.
Forbes has collected all these data from the Egyptian Exchange and the companies were ranked according to their market value, sales, assets, and profits.
Also, companies that had the same score were given the same rank.
Here Are The Top 10 on the List
1- Commercial International Bank (CIB)
2- QNB ALAHLI
3- Telecom Egypt
4- Elsewedy Electric
5- Talaat Moustafa Group Holding (TMG Holding)
6- Al Ezz Dekheila Steel Co. – Alexandria (EZDK)
7- Orascom Construction
8- Ezz Steel
9- Eastern Company
10- Faisal Islamic Bank of Egypt (FIBE)
Here’s What You Need to Know About The 50 Companies
The gross market value of these 50 companies is 28.5 billion dollars and their assets’ value exceeds 142 billion dollars.
The total companies’ gross revenue has reached 39.1 billion dollars and the net income has reached 5.4 billion dollars. In 2021, the top 10 companies’ gross sales jumped by 31% reaching 22.8 billion dollars compared to 2020; as for the net income, it increased by 59% reaching 3 billion dollars.
Two Dominating Sectors
The banking and financial sector and real estate are the main two sectors that are dominating Forbes’ list.
The banking and financial services sector is the main dominant of the list with 16 companies. The Commercial International Bank – CIB tops the list with total assets of 26.8 billion dollars in 2021 and comes in second is QNB Alahly with a market value reaching 2 billion dollars and total assets of 19.3 billion dollars.
Comes after the banking and financial services sector is the real estate sector with 8 companies; Talaat Mostafa Group Holding comes first with total assets of 7.5 billion dollars.
The industrial sector is the third one to dominate the list with 7 companies.
Egypt Attracts Foreign Investors
According to Forbes, Egypt’s countries have started to attract many foreign investors due to the devaluation of the Egyptian currency.
Abu Dhabi’s ADQ has bought stakes worth 1.8 billion dollars in 5 companies including CIB, Fawry, and MOPCO. Qatar has also announced that it plans to invest 5 billion dollars in Egypt, while Saudi Arabia signed an agreement with Egypt regarding its public investing fund.
Women In Power
Out of the 50 companies, there are two led by women.
Oriental Weavers Carpet came in 20th place with Chairwoman Yasmin Khamis. The company has reached total assets of 762 million dollars and a market value of 269 million dollars. Comes second is Hend El Sherbini who is the Group CEO of Integrated Diagnostics Holdings (IDH). The company’s total assets are 335 million dollars and its market value is worth 616 million dollars.
You can check the full list with its full details when you click here.