It appears as if the most powerful companies in Saudi Arabia are becoming even more powerful. The results of a market survey by the Saudi Gulf Network (Zajel), published in Al-Watan, reveal that the overall turnover of the largest 150 companies in Saudi Arabia rose 24 percent over the past year, to 171.4 billion Saudi riyals
The Zajel also showed that the largest 150 Saudi firms employed 314,441 employees in 2000, 17.7 percent more than during 1999. In terms of sales revenue, Zajel listed the Kingdom Holding Company as the Saudi largest corporation, with a turnover of SR 19.7 billion in 2000. In so doing, it moved the conglomerate up one place in its listing.
Owned by Prince Al-Waleed Bin Talal Bin Abdul Aziz Al-Saud, the Kingdom Holding Company is a diversified yet focused investment entity with primary interests in Citicorp, News Corp., Mediaset, KirchMedia, Saatchi & Saatchi Advertising, Apple Computers Inc., America Online, Four Seasons Hotels & Resorts, Motorola Inc., Movenpick Hotel & Resorts, Paris' George V Hotel, Ballast Nedam, London's Canary Wharf, EuroDisney, Daewoo, Hyundai, Saks Fifth Avenue, TWA and Norwegian Cruise Lines.
In 1997, Forbes magazine named Prince Al-Waleed and Bill Gates the two most successful entrepreneurs in the world.
The Saudi Basic Industries Company (SABIC) was placed in the second position with SR 19.2 billion in revenue. It previously had held the number one spot. SABIC was established by royal decree in 1976, and was awarded the task of having to set up and operate hydrocarbon and mineral-based industries in the kingdom. It is involved in the production of chemicals, plastics, industrial gases, steel and other metals.
The Dallah Al-Baraka Group occupied the third position with a SR 15.756 sales volume. It is involved in a wide range of activities, including financial service sector, where it operates 23 banks, mostly in the Arab and Islamic countries, in addition to several investment and financial companies; the business sector, where it is active mainly in Saudi Arabia itself; and in communications, predominantly though the ART (Arab Radio and Television) satellite broadcasting system, which is headquartered in Rome. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
