Saudi Arabia’s top 10 listed firms hit $2.1tn valuation, led by Aramco
Tadawul recognized as world’s fastest-growing stock market in 2024
Kingdom’s leading banks continued to post strong performance
Updated 07 July 2025
Miguel Hadchity
RIYADH: Saudi Arabia’s top 10 publicly listed companies reached a combined market capitalization of $2.1 trillion as of April 25, highlighting their dominant role in the Kingdom’s capital markets, according to a new analysis by Forbes Middle East.
The companies collectively reported $133.9 billion in net profits for 2024, reflecting the growing strength of the Kingdom’s diversified economy. The ranking covers key sectors such as energy, banking, telecommunications, industrials, and utilities.
The milestone comes as the Saudi Exchange, or Tadawul, was recognized as the world’s fastest-growing stock market in 2024. The number of listings doubled to 55, and market liquidity surged by 40 percent — a growth fueled by a streamlined capital management system that halved IPO processing times and widened investor participation.
“The banking sector dominates the ranking, securing five out of the 10 spots, with total assets amounting to $854.7 billion,” the Forbes report noted.
Saudi Aramco topped the list with a market value of $1.7 trillion. The energy giant posted $480.4 billion in revenue and $106.2 billion in net income last year, cementing its position as a global energy leader.
Aramco also advanced its international strategy through major deals in 2024, including a $12.35 billion secondary share sale in June, $25 billion in contracts to boost gas output by 60 percent by 2030, a $90 billion agreement with U.S. firms, and a joint venture with China’s Sinopec to develop a refining complex in Fujian province.
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Saudi Arabia’s leading banks continued to post strong performance in 2024, with several institutions recording double digit profit growth and expanding their international and digital footprints.
Saudi National Bank maintained its position as the Kingdom’s largest lender by assets, reaching $294.4 billion. The bank posted $5.6 billion in net profits and bolstered its global presence with a $500 million bond issuance in Taiwan.
Al Rajhi Bank, which holds $259.8 billion in assets, recorded an 18.7 percent rise in profits to $5.3 billion. The Islamic lender also acquired a majority stake in the fintech app Drahim, signaling a strategic push into digital finance.
Riyad Bank reported a 15.9 percent increase in profits to $2.5 billion, supported by a $750 million sukuk issuance. Saudi Awwal Bank also delivered strong results, with profits climbing 15 percent to $2.2 billion following a $1.1 billion sukuk deal.
Meanwhile, Alinma Bank saw profits jump 20.5 percent and signed a $756 million agreement with Bahri to finance oil tankers, underscoring its growing role in Shariah-compliant corporate financing.
Telecom and industrials
In telecommunications, stc Group recorded $6.6 billion in profits, launched STC Bank, and transferred tower assets to a Public Investment Fund-led entity.
SABIC, a global chemicals leader, recovered from a 2023 loss to post $993 million in profits and sold its Alba stake for $966 million.
Meanwhile, Maaden, the Middle East’s top mining firm, acquired SABIC’s Alba stake and issued a $1.25 billion sukuk, contributing 20 percent of Saudi non-oil exports.
Utilities and energy
Saudi Electricity Co. saw a 7.5 percent increase in power output and signed a $3.6 billion gas plant deal, while raising $2.75 billion in sukuk. The company also settled $1.5 billion in historical obligations to the state, with PIF holding a 74.3 percent stake.
Forbes ranked firms based on sales, assets, profits, and market value from Tadawul, with equal weight given to each metric.
This elite group of companies highlighted Saudi Arabia’s economic strength, with banks and energy firms driving record profits and global expansions in 2025.
Fresh funding flows in even as broader market data points to a slowdown
Updated 20 December 2025
Nour El-Shaeri
RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum.
Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital.
Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally.
The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games.
“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46.
“We are pleased to support a team that builds with intention and long-term ambition,” she added.
Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.”
The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.
The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles.
Premialab raises $220m
UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton.
Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market.
Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.
Walid Tarabih, founder and CEO of Relik
The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors.
The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies.
“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab.
Relik closes seed round
UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny.
Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.
The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets.
“We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.”
Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”
Nawah raises $23m
Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding.
The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors.
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. (Supplied)
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials.
The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe.
Algeria’s VOLZ raises $5m
Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.
Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform.
Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund.
The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa.
MENA startup funding slows in November
Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report.
This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year.
More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November.
Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions.
Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets.
Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction.
E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups.
Debt financing dominated the month, accounting for more than $125 million through a single transaction.
The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution.
From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million.
B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models.
The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.
