Top 10 largest companies in the United Arab Emirates
10: ADNOC
One of the world’s leading energy producers, ADNOC has played a key role in Abu Dhabi’s global emergence since the 70s. It operates across the entire hydrocarbon value chain, via a network of fully-integrated businesses – from exploration to production, storage to distribution.
This year alone, ADNOC has acquired a stake in an Azerbaijani gas field and opened takeover talks with German plastics-maker Covestro.
With a Group CEO who is also COP28 President-Designate and Chairman of Masdar, of which ADNOC owns 24%, ADNOC has plans to reduce its greenhouse gas intensity by 25% by 2030 and to install 100 GW of renewable energy by 2030. The company has said it will spend an initial US$15 billion on climate-friendly projects by 2027.
9: Emirates Global Aluminium (EGA)
EGA’s development since the seventies has taken the UAE from no aluminium production to the fifth-largest aluminium-producing country in the world – and the world’s largest ‘premium aluminium’ producer.
EGA produces 4% of the world’s aluminium production and almost half of the GCC and is the biggest industrial company in the UAE outside oil and gas – operating aluminium smelters and a refinery in the UAE and a mine in the Republic of Guinea.
The company’s homegrown technology enables it to be cost-competitive and environmentally responsible, as it looks to reach net-zero GhG from its operations and supply chain by 2050. EGA is owned equally by Mubadala and Investment Corporation of Dubai.
From one Emirati man’s vision in the early nineties, Majid Al Futtaim has grown into the leading shopping mall, communities, retail and leisure pioneer across the MEA region and Asia, spanning 16 markets and serving 600 million customers.
With owned assets valued at uS$18 billion, the Group manages three major operating subsidiaries – Properties, Retail and Ventures – and has the highest credit rating (BBB) among privately-held corporates regionally.
As well as owning and operating 29 shopping malls, 13 hotels and four mixed-use communities, its portfolio includes 400 Carrefour outlets in 30 markets and over 600 VOX Cinemas.
One of the first movers in announcing a commitment to achieving net positive on carbon and water by 2040, MAF is on-track to achieving its science-based targets.
The largest bank by assets in the UAE. First Abu Dhabi Bank (FAB) secured a 46% jump in Q3 net profit to US$1.17bn, a record nine-month performance for the bank.
According to Global Finance Magazine, FAB is the safest bank in the Middle East, fifth safest in emerging markets, and 14th worldwide. FAB says it has 3 million customers in the UAE and a presence in 20 markets.
What’s more, FAB was named Best Bank in ESG in the UAE in 2022. The first bank in the GCC to make a net-zero commitment by 2050, and armed with a target of US$75 billion in green financing through 2030, FAB is set to be a strategic enabler of the UAE’s sustainable future.
Revenue: US$12,808.00
Employees: 13,000
CEO: Shayne Nelson
Founded: 196
Originally formed in 1963 as National Bank of Dubai, the bank merged with Emirates Bank International in 2007 to form the Group we know today.
Few years have been as successful for Dubai’s largest lender as this, the bank’s 60th. Profits surged to a new nine-month record high of US$4.76 billion, marking a whopping 92% hike on last year and reflects “the Group’s increasing regional presence and leading digital capabilities”, a statement read.
The Group, which has operations in Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia and Bahrain, with representative offices in China and Indonesia, has continued to gain traction on its digital platform adoption rates and recently launched a sustainable finance framework, to finance sustainable projects and fast-track the UAE’s sustainability development goals.
5: TAQA Group
Revenue: US$13,603.60
Employees: 7,000
CEO: Jasim Husain Thabet
Founded: 200
TAQA was established as a publicly listed company in 2005 and has grown into one of the largest integrated utilities companies in EMEA, with power, water and oil operations across 11 countries. TAQA recently posted an increase in its nine-month net income of AED8.5bn, thanks to a 5% shareholding in ADNOC Gas.
As a champion of low-carbon power and water, TAQA has acquired a 43% controlling stake in Masdar’s renewables business and raised the target share of renewables within its portfolio by 2030. The Group has also formed a joint venture (E2GO) with ADNOC Distribution to build and operate EV infrastructure in Abu Dhabi and announced a US$2.4bn investment project to provide a sustainable water supply for ADNOC’s onshore operations.
After recently launching a green finance framework, TAQA raised US$700.8m through its first green bond with Emirates Water and Electricity Company.
4: International Holding Company (IHC)
Revenue: US$13,870.00
Employees: 85,000
CEO: Syed Baser Shueb
Founded: 199
The leading seafood exporter in the region, after listing on the ADX in 2005, IHC grew via strategic acquisitions and diversification into the Arab world’s fourth-most valuable company with a market cap of US$238.8 billion.
The multi-sector conglomerate’s accelerated climb to the top has been nothing short of staggering – with annual net profits surging 181% in 2022 to record numbers and the workforce soaring from 40 in 2019 to 85,000 today.
Majority-owned by a group headed by Sheikh Tahnoun bin Zayed Al Nayan, the UAE’s national security adviser, IHC has a diverse portfolio ranging from utilities to food, energy to entertainment, agriculture to IT, and retail to real estate – and has listed eight subsidiaries, including Palms Sports, Ghitha and Easylease.
3: e&
Revenue: US$14.27 billion
Employees: 10,001
CEO: Hatem Dowidar
Founded: 1976
e& has been innovating since its inception – but in recent years, has transformed into a tech conglomerate, stepping up from being a strong regional player to a company with global aspirations.
Rebranded from Etisalat to e& in 2022, and ranked as the world’s strongest telecoms brand, e& is a leader in telecoms in emerging markets providing innovative solutions and services to 155.4 million subscribers in 16 countries.
The Group’s ambitious transformation focuses on adopting emerging technologies, diversification of business verticals and pursuit of M&As from increasing its stake in Vodafone Group, to investment in Careem’s superapp, to launching an end-to-end EV charging solution.
e& recently delivered “outstanding” Q3 results, including a 20% growth in net profit to AED2.5 billion.
2: DP World
Revenue: US$17 billion
Employees: 106,500
Group Chairman: Sultan Ahmed bin Sulayem
Founded: 1972
Starting life 51 years ago as a single operation in Dubai’s Port Rashid, DP World is now one of the world’s largest port operators and trade enablers – with 150 companies spanning six continents.
The acquisition of the P&O Group for US$6.8 billion in 2006 propelled DP World to global heights, and international expansion has continued with further acquisitions – including US logistics firm Syncreon, Africa’s J&J Group and a 58% stake in Turkey’s Evyap Port.
The Group has four pillars – Ports & Terminals, Logistics, Marine Services and Technology – and contributes 23.8% to Dubai’s GDP.
Focus on high-margin cargo and end-to-end supply chain solutions is the key driver for DP World, whose revenues hit US$17bn in 2022. The company also raised more than US$8 billion through asset monetisations, enabling portfolio and capacity expansion and investment in key growth markets, including the UAE, Jeddah, London Gateway and Dakar. And more recently, announced the successful listing of its US$1.5 billion Green Sukuk on Nasdaq Dubai, to support its toward becoming carbon neutral by 2040 and net-zero by 2050.
Technology and innovation are at the forefront of DP World’s operations, and the Zodiac Terminal Operating System in Jeddah, electrification of port equipment, and revolutionary BoxBay Container Storage System, are all proof of this.
Revenue: US$32.62 billion
Employees: 102,379
Group Chairman: Sheikh Ahmed bin Saeed Al Maktoum
Founded: 1985
As the biggest player in the UAE’s aviation sector, Emirates Group generates more than US$47 billion to GDP.
While most known for its award-winning airline, the state-owned Dubai-based holding company has multiple businesses across air services, education, retail, travel and hospitality. Among these, the Group operates a global logistics capability operating from the world’s largest air logistics hub in Dubai, the world’s largest hydroponic farm (Bustanica), and is currently building the largest pilot training academy in the world.
Last month, the Group recorded its best-ever six-month financial result with US$2.7 billion in profit, surpassing last year’s record half-year profit by 138%.
In the short space of 35 years, Emirates has grown into the world’s largest international airline flying to 158 destinations in 85 countries. The airline operates 269 aircraft and is the. world’s largest operator of the Airbus A380 and Boeing 777 family of aircraft.
Emirates recently delivered the biggest single commitment by an airline on sustainability, committing to investing US$200m over three years on projects that reduce the impact of fossil fuels in aviation. And earlier this year, the airline completed the first 100% SAF-powered demonstration flight and more recently launched its first flight powered by a SAF blend provided by Shell Aviation.
Emirates also launched a mammoth recruitment drive this year, as it looks to expand its network and add capacity with the delivery of new Airbus A350s starting in mid-2024.
