Forbes Middle East marks its first English Edition

Dubai March 1, 2012 (WAM) - Under the patronage of H. H. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, and Vice President and Prime Minister of the UAE, Arab Publisher House launched the premiere edition of the Forbes Middle East English magazine on Tuesday in Dubai, featuring the ranking of the Top 50 Companies in the UAE 2011'and the "Top 200 companies in the GCC". This event was supported by Mashreq, Porsche Centre Dubai- Al Naboodah Automobiles and Drake '&' Scull International. Ahmad Abdulla Al Sheikh, Managing Director of Dubai Media Inc and Dr. Nasser Al Tayyar, President of Arab Publisher House, honoured those outstanding companies occupying the top spots in this coveted Forbes list This. The event was attended by elite CEOs and key influential figures from the UAE's public and private sectors and diplomatic representatives. Forbes Middle East living up to its mission of playing a vital role in supporting the region's business communities came out with a thorough and scientifically researched ranking on the Top Listed companies in the region and celebrated at the event the economic success and achievements of the UAE's leading companies in the face of the global economic and political challenges of 2011. In the ranking of the Top 50 Companies in the UAE', Etisalat came at the top of the list followed by National Bank of Abu Dhabi in the second place. The banking sector dominated the ranking with 19 banks making it to the list. The total assets of the Emirati companies reached US$486B, profits of US$9B, and a total market value of US$66 B. Ranking first on the list of the Top 200 companies GCC' for the year was the Saudi company SABIC. Saudi companies dominated the ranking with a total of 98 companies, followed by the UAE with 44. Qatar ranked third with a total of 22 companies, followed by Oman with 16 companies, Kuwait with 14, and Bahrain with 8. In 2011, these companies achieved total assets of 1.7T and net profit of almost US$49 billion. The banking sector tops this ranking, occupying 27.5% of the list. The petrochemical, communication, industries and real estate sectors were runners up, based on companies' financial standing. Arab Publisher House was formed by several investors in Saudi Arabia, with the central aim of attracting world-class international magazines to the region, including a number of Forbes publications, providing a wide range of options for the Arabic - and now English - reader. - Emirates News Agency, WAM