MUSCAT, 11 August 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, has topped 38 Omani companies ranked in the Forbes Top 500 Companies in the Arab World 2014.
With its 41st ranking, Bank Muscat topped Omani companies on the Forbes list, way ahead of the second Omani company, which was ranked 84th among the top 500 companies in the Arab world. The awards celebrated the region's corporate success.
The rankings were based on financial performance as of December 2013 and featured publicly-listed companies across 11 countries from the Arab world whose combined revenues reached US$383.67 billion and net profits came in at US$71.68 billion.
AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is immensely proud to be ranked among the Top 500 Companies in the Arab World. The recognition is all the more credible as the bank has topped the Omani companies in the list which takes the bank notches above to an unrivalled position in Oman as well as the region. The recognition clearly focuses on the global best practices pursued by the bank."
AbdulRazak Ali Issa added: “Time and again, top global awards won by Bank Muscat reiterate its leadership position. While the bank has had credible performance over the years, the clear vision and strategy are expected to sustain its dominant position in the coming years."
Forbes Middle East, said: “The Top 500 Companies in the Arab World are the legacy of our time. They are bringing diversification to the region's economies and carrying that success to international soil. The Top 500 is testament to an exciting time in the Middle East reflecting the passion and drive of formidable corporations."
In 2010, Bank Muscat had the distinction of being the only Omani company to be listed in 'The Forbes Global 2000' featuring the biggest and most powerful listed companies of the world. Bank Muscat is the recipient of almost all the prestigious foreign, regional and local awards.