Top Companies of Saudi Arab
Saudi Arabia is one of the richest countries in the world and the most resourceful of all the countries in terms of production of oil and gas. Here is a list of top 5 companies that are based in Saudi Arab.
Saudi Basic Industries Corp
SABIC is started its operation in 1976 by the Royal family and also the 70% of the company is owned by the government and the rest of 30% is owned by the private sector which also includes investors from the rest of the gulf. Prince Saud bin Abdullah bin Thunayan Al-Saud is the chairman of the company, the acting vice-chairman and the CEO of the company is Yousef Abdullah Al-Benyan. They are headquartered in Riyadh Saudi Arabia and has over 50,000 employees in over 50 countries. SABIC has different business units which are;
- Plastics – Polyolefin, PET, PS, PVC, Engineering thermoplastics
Al Rahji Bank
Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 307 billion (US$ 80 billion), a paid up capital of SR 16.25 billion ( US$ 4.33 billion) and an employee base of over 9,600 associates. With over 58 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella ‘Al Rajhi trading and exchange corporation’ in 1978 and it was in 1988 that the bank was established as a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia-compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.
Saudi Telecom Company (STC)
STC is the largest telecommunication services provider in the Middle East & North Africa. It is the leading operator in the Kingdom of Saudi Arabia, and its international presence extends to 9 countries. STC is 70% owned by the public investment fund which comes under the government, the rest of the 30% is divided into the public pension, generation organization for insurance and public float. It was established in 1998 and in 2002 they went public after their first IPO.
Saudi Electric Company
SEC was formed in 2000 by the Saudi government by combining the rest of the companies working in the kingdom making it the sole producer of the electricity in the country. The company is 80% owned by the government 74% directly and 6% by Saudi ARAMCO and the rest of it is owned by private investors. SEC’s current chairman is Dr. Saleh Hussein AlAwajji and it has more than 40,000 employees. Their current capacity is 60GW and they plan to improve this capacity by 50% by the year 2020 and they are also planning to move to renewable energy such as solar energy to meet the future needs.
The Saudi American bank was started in 1955 by Citibank in the city of Jeddah. In 1980 Citibank changed the named to Saudi American Bank in Saudi Arabia and held 40% of the shares. Now the primarily owned the Saudi government and the 20% are owned by the local investors. It has also started its operations in UAE, Qatar, and Pakistan.