Here are the most profitable companies that dominated the MENA region in 2024–2025:
1. Saudi Aramco
Profit: $106.2 billion
Country: Saudi Arabia
As the largest oil and chemicals company globally, Saudi Aramco remains a powerhouse despite a 12.4% dip in profit from $121.3 billion in 2023. The decline was due to reduced sales, increased costs, and lower income from non-core sources. In June 2024, Aramco raised $12.35 billion by selling 1.7 billion shares. It also launched $25 billion in contracts to expand gas output, aiming for a 60% boost by 2030. In May 2025, it signed $90 billion worth of deals with 34 U.S. companies.
2. International Holding Company (IHC)
Profit: $7 billion
Country: United Arab Emirates
Despite a 54.2% rise in revenue, IHC’s profit fell by 22% in 2024 due to heavy investment in new ventures and business expansion. IHC oversees 1,300+ companies across 41 countries and invests in healthcare, finance, IT, and real estate. In August 2024, its subsidiary NMDC Energy raised $876.8 million via IPO on the Abu Dhabi stock exchange.
3. stc Group
Profit: $6.6 billion
Country: Saudi Arabia
2024 marked a record year for stc Group, with an 85.7% profit jump from 2023—thanks to a $3.4 billion gain from selling stakes in TAWAL and the Digital Infrastructure Company. stc is majority-owned (62%) by the Public Investment Fund (PIF). By early 2025, it had 29 million mobile and 5.9 million landline users. In Feb 2025, TAWAL was handed over to a new PIF-led company.
4. Emirates NBD Group
Profit: $6.3 billion
Country: United Arab Emirates
Emirates NBD saw a modest 6.9% rise in profit in 2024. With 839 branches across 12 countries, it served 9.4 million customers by March 2025. The bank, formed through a 2007 merger, had total assets of $271.4 billion by the end of 2024.
5. Saudi National Bank (SNB)
Profit: $5.6 billion
Country: Saudi Arabia
SNB’s profit grew by 4.9% in 2024. It operates 478 branches, 21 service centers, and 93 remittance outlets in Saudi Arabia, along with branches in the UAE, Bahrain, Qatar, and Singapore. It also has subsidiaries in Pakistan, Türkiye, and the Cayman Islands. Formed in 2021 through the merger of NCB and Samba, SNB closed 2024 with $294.4 billion in assets and 14.4 million customers.