Saudi Arabia’s planting of 50bn trees represents 5% of global afforestation goal
Saudi Arabia aims at planting at total of 50 billion trees; 10 billion in the ...
CIB sole Egyptian entity on Forbes Top 100 Listed Companies in ME
The Commercial International Bank (CIB) is the sole Egyptian entity on the Middle East’s Top 100 Listed Companies 2023 issued by Forbes.
CIB is the leading private-sector bank in Egypt, offering a broad range of financial products and services to its customers, which include more than 500 of Egypt’s largest corporations, enterprises of all sizes, institutions, and households. CIB’s strong brand and growth in retail and SME banking segments continues to introduce new customers to the bank. As a result, CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 40 years.
CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,700 people and serves two million customers across 190 branches and 21 units. In January 2023, CIB acquired the remaining 49% stake of Mayfair CIB in Kenya for a total transaction value of $40 million. CIB has several subsidiaries, including CVentures, Damietta Shipping, and Commercial International for Finance. In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E.’s ADQ— acquired an 18.6% stake in CIB for $987.5 million.
CIB copped several awards in 2023, including the Best Supply chain finance (Africa) by Global finance, the Best Trade Finance provider (Egypt) by Global finance, the Best Bank for Cash management (Egypt) by Global finance and the Trade Finance Bank of the Year – MEED’s MENA Banking Excellence Awards 2023.
In 2022, the bank was named as the World’s Best Trade Finance Providers in Egypt for 2022 – Global Finance and the World’s Best Foreign Exchange Providers 2022 – Global Finance.
It was also the Best Wholesale/Transaction Bank for Digital CX – The Digital Banker and the Best Green Bond in Africa – EMEA Finance.
CIB was also honored as the Sustainable Bank of the Year – MENA, the Middle East’s Best Bank for SMEs – Euromoney, the Best Bank in Egypt – Euromoney, and the Best Bank for Digital Solutions in Egypt – Euromoney.
CIB was also awarded the titles of the Best Bank for SME Banking in Egypt – Euromoney, Best Local Currency Loan – EMEA Finance, Best Structured Finance Deal in Africa – EMEA Finance, Best Cash Management Services in North Africa – EMEA Finance, Best Payment Services in North Africa – EMEA Finance, and Best Trade Finance Services in North Africa – EMEA Finance.
The bank’s market value stands at $5.2 billion, assets at$20.6 billion, profit at $523 million and sales $2.1 billion.
About Forbes Top 100 Listed Companies 2023 in Middle East:
At this time of high inflation and global unrest, stock markets have been under pressure, with the MENA region not immune to the trajectory. In 2023, the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased marginally by 5%, from $4 trillion in 2022 to $3.8 trillion.
However, the value of the aggregate sales for these 100 companies has jumped 38.5% to $1.1 trillion, with profits increasing by 37.7% to hit $277.7 billion. The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.
GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the U.A.E. with 28, Qatar with 16, and Kuwait with nine.
The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4 billion in sales and a market value of $2.1 trillion, followed by SABIC, Qatar’s QNB Group, and the Saudi National Bank. The U.A.E.’s International Holding Company jumped from the #12 rank in the 2022 list to the fifth spot this year, with $235.9 billion in market value and total assets of $62.1 billion.
Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3 trillion in assets and generating $45.4 billion in net income. However, the energy sector—led by Aramco—generated the bulk of the profits, hitting $162.4 billion in 2022.
The 2023 list welcomes several newly-listed entities, including Qatar’s Dukhan Bank, U.A.E.-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq.
اترك تعليقا