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Saudi Arabia has been making waves in the global economy with a number of businesses that have contributed to the country’s growth. The nation has developed an attraction for company ownership and innovation as it tries to diversify its economy away from oil. In this article, we will explore the top 12 best companies in Saudi Arabia in 2023, giving a general summary of their operations, accomplishments, and potential.

Here are Top 12 Best Companies in Saudi Arabia

1. Saudi Aramco

The world’s largest oil producer, Saudi Aramco, has played an important role in the Saudi economy. Despite the challenges of the pandemic, Saudi Aramco’s net income for 2021 reached $49 billion, evidence of its resilience and flexibility. Go ahead, Saudi Aramco is committed to achieving net-zero emissions by 2060, further solidifying its commitment to sustainability.

2. Saudi Basic Industries Corporation (SABIC)

SABIC, a prominent figure in the chemical industry on a global scale, has played an vital role in the economic landscape of Saudi Arabia. Their dedication towards innovation and sustainability has borne fruit, with an impressive $1.6 billion net profit in 2021. As they strive towards creating a circular economy and minimizing greenhouse gas emissions, SABIC is a company that deserves close observation in the upcoming years. Their unbreakable commitment towards environmental conservation and technological advancement is a beacon of hope in these tumultuous times.

3. Saudi Electricity Company (SEC)

The Saudi Electricity Company (SEC) holds the responsibility of generating and disbursing electrical energy to the kingdom. With a market capitalization of $48.5 billion, SEC has efficaciously met the escalating demand for power in the region. In the year 2020, the enterprise poured a hefty sum of $3.7 billion into ventures focusing on renewable energy, signifying its unswerving dedication towards the promotion of sustainability, and a better tomorrow.

4. Al Rajhi Bank

Another major player in the Saudi Arabian banking industry is Al Rajhi Bank. With a $59.5 billion total market value, Al Rajhi Bank has a strong presence in retail banking, corporate banking, and investment banking. In 2021, Al Rajhi Bank reported a net profit of $2.9 billion, showing its strength in a challenging economic environment.

5. National Commercial Bank

As the foremost financial institution in the Kingdom of Saudi Arabia, the National Commercial Bank (NCB) has been a paramount propeller of the country’s economic sector. With its lucrative net profit of $2.6 billion in 2020, NCB has placed immense emphasis on digital metamorphosis and innovation, placing it at the pinnacle of the banking industry. The Global Finance magazine has consecutively acclaimed NCB as the finest bank in Saudi Arabia for eight years, a resounding proof of its pioneering stature in the field.

6. Saudi Telecom Company (STC)

Saudi Telecom Company (STC) is the biggest telecommunications provider in the nation. With millions of users, in 2021, the company’s net income reached $2.5 billion, with a focus on digital transformation and 5G technology. STC has been recognized for its leadership in the industry, winning the award for Best Mobile Network in Saudi Arabia at the 2021 Telecoms World Middle East Awards.

Saudi Basic Industries Corporation (SABIC)

Saudi Basic Industries Corporation (SABIC) is a global leader in petrochemicals, chemicals, and plastics. The company’s net income for 2020 reached $720 million, despite the challenges posed by the pandemic. SABIC has set ambitious sustainability goals, such as reducing greenhouse gas emissions and developing new sustainable products.

7. Ma’aden

The Saudi Arabian Mining Company (Ma’aden) is responsible for the development and mining of Saudi Arabia’s mineral resources. With a market cap of $19.4 billion, Ma’aden has been successful in diversifying the country’s economy and creating jobs. The company’s net income for 2020 reached $1.1 billion, with a focus on sustainable mining practices.

7. Saudi Arabian Airlines

Saudi Arabian Airlines, popularly known as Saudi, reigns as the pride of Saudi Arabia, holding a key position in the Middle East’s aviation industry. Way back in 1945, this soaring airline commenced its journey and has since amassed a colossal fleet of over 150 airplanes, flying high and proud to over 90 destinations across the globe. Saudi Arabian Airlines has played a vital role in connecting the gap between Saudi Arabia and the world, making the country more accessible for tourists and businesses alike.

8. Almarai

Almarai, a preeminent food company in Saudi Arabia, has revolutionized the food industry with its top-notch quality products, serving the masses across the region. The company’s inception in 1977, with a humble beginning, has now burgeoned into one of the largest food companies in the Middle East, with a colossal market capitalization surpassing $14 billion.

9. Al-Faisaliah Group

Al-Faisaliah Group is a true titan of industry in Saudi Arabia, with a vast and varied portfolio of businesses that spans an incredible array of sectors – from healthcare to real estate, hospitality to retail. Their journey began back in 1971, and since then they have become an economic powerhouse, renowned for their unwavering commitment to quality and excellence in all that they do.

11. Alfanar Group

The Alfanar Group is a true powerhouse in the Saudi Arabian industrial and construction landscape, leading the way with innovative solutions for the energy, construction, and engineering sectors. Founded in 1976, this titan of industry has since grown into a force to be reckoned with in the region’s markets. They offer a powerful range of services, including electrical and civil engineering, construction and project management, and renewable energy solutions.

12. Saudi Arabian Amiantit Company

Saudi Arabian Amiantit Company is a powerhouse in the manufacturing industry, with an impressive presence in over 70 countries worldwide. Their expertise lies in producing pipes and water storage solutions, which are vital for water, sewage, and gas transportation, among other applications. But their success isn’t just because of their products No, it’s their unwavering commitment to quality and innovation that truly sets them apart.

Conclusion

In conclusion, Saudi Arabia is home to a remarkable collection of companies that succeed in various industries. The top 12 best companies mentioned in this article have demonstrated exceptional performance, innovation, market dominance, corporate social responsibility, and a commitment to employee satisfaction. These companies serve as role models for aspiring businesses in Saudi Arabia, setting the bar high for success and contributing considerably to the Saudi economic growth.

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