UAE since the 21st century has been on a rise both in terms of the infrastructure and economically. It can be credited to their oil exports, tourism and last but not least but the services sector other than the tourism which has grown exponentially. According to Forbes Middle East, 80 percent of the top 50 companies in UAE belongs to the service sector. Here are the top 5 companies in UAE.
Etisalat is the trade name for the company Emirates Telecommunication Corporation is the biggest company in UAE according to Forbes Middle East. The company was started in 1976 by two outside investors and a local group, but in 1983 the UAE government bought the 60% of the stocks and the rest of it was publically traded.
Etisalat is the UAE’s leading telecommunication operator and one of the largest corporations in the GCC. Headquartered in Abu Dhabi, UAE, Etisalat serves 11.6 million residential customers and over 300,000 large, medium and small enterprise and government customers in the UAE. As well as establishing several “firsts” over the past four decades, Etisalat had developed many innovative technologies and services to remain at the leading edge of customer experience.
2. National bank of Abu Dhabi
National Bank of Abu Dhabi (NBAD) is a bank operating in the United Arab Emirates. NBAD is the largest lender bank in the Emirate of Abu Dhabi and the second largest lender in the United Arab Emirates. NBAD has the largest market capitalization among UAE banks. NBAD is the first UAE bank to expand overseas with the opening of its branch in Cairo, Egypt, in 1975. This was followed by expansion to Sudan and Oman in 1976, the UK in 1977, USA and France in 1979. Its network now reaches to 17 countries across five continents. NBAD is a Public Joint Stock Company with majority ownership by the Abu Dhabi Investment Council (ADIC). As of 31 December 2013, 70.2% of shares are owned by ADIC and 21.9% are owned by individuals. The remaining shares are owned by Government, corporate and private institutions.
3. First Gulf Bank
FGB (formerly known as First Gulf Bank) is currently the third largest bank by assets in the United Arab Emirates (UAE). Established in 1979, FGB is headquartered in the emirate of Abu Dhabi. FGB offers a wide range of financial services in the wholesale, consumer and treasury banking sectors, including Islamic banking and bancassurance solutions for businesses and consumers via a network of branches across the UAE. Internationally, FGB has a branch in Singapore – that includes global wealth management services and a branch in Qatar, representative offices in London, India, Hong Kong and Seoul, South Korea, and a subsidiary in Libya.
FGB has Shareholder Equity of AED 34.1 billion as of December 31, 2014 making it one of the largest equity based banks in the UAE. FGB reported a total net profit of AED 5.66 billion in 2014, which represents an 18% increase when compared with AED 4.77 billion achieved in 2013. 2014 also marked the 15th consecutive year of uninterrupted net profit growth for the bank. The bank’s consistent performance led to a Financial Strength Rating of ‘A+’ from Capital Intelligence in 2014. In 2013, RAM Ratings provided the bank with an AAA grade,and FGB’s Long Term Rating was affirmed at A+ by Fitch.
Forbes Middle East ranked FGB as the 8th most powerful company and 4th leading bank in its 2014 ‘Top 500 companies in the Arab World’ list.FGB was also named the ‘Best Bank in the United Arab Emirates’ and ‘Best Wealth Management Firm’ at the Banker Middle East Industry Awards 2014.
4. Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank , commonly called ADCB, is a bank in the United Arab Emirates. Abu Dhabi Commercial Bank (ADCB) was formed in 1985 as a public shareholding company with limited liability, upon merger of Emirates Commercial Bank and Federal Commercial Bank with Khaleej Commercial Bank, which was established in 1975. The Government of Abu Dhabi through the Abu Dhabi Investment Authority (ADIA) holds 65% of ADCB shares; the remainder is held by other institutions and individuals. ADCB is one of the largest in the UAE in terms of shareholder funds and market capitalization. ADCB reported Full year 2013 net profit of AED 3,620 MN, compared to AED 2,810 MN in 2012. ADCB is 58.08% owned by the Abu Dhabi government with the asset base of AED 228 billion.
5. Emirates NDB
Emirates NBD was formed on 16 October 2007 when the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The Emirates NBD 2007 merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD) became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the United Arab Emirates (UAE).
It is a market leader across core business lines and the leading retail banking franchise, with more than 220 branches and over 900 ATMs and Cash Deposit Machines (CDMs) spread across the country and overseas. The Group is also a major player in the corporate banking arena. With fast-growing Islamic banking affiliated entities, strong investment and private banking services and a leadership in the field of asset management products and brokerage services, Emirates NBD is well positioned to grow and deliver outstanding value to its shareholders, customers and employees.
As of 30 June 2015, total assets were AED 388.1 billion. The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, and representative offices in India, China and Indonesia.
Currently, more than 9,000 people, representing 70 nationalities, are employed by Emirates NBD, making it one of the largest employers in the UAE.