Biggest Companies in Saudi Arabia

Saudi Arabia is home to some of the world’s largest and most valuable companies, anchored by Saudi Aramco, the planet’s most profitable corporation. The Kingdom’s corporate landscape spans energy, petrochemicals, banking, telecommunications, mining, and an expanding range of new economy sectors. These companies form the backbone of the Saudi economy and represent significant investment opportunities on the Tadawul stock exchange.

Saudi Aramco

Saudi Aramco is the world’s largest oil company and consistently ranks as either the most or second most valuable publicly listed company globally, with a market capitalization typically exceeding USD 1.8 trillion. The company produces approximately 9 to 10 million barrels of crude oil per day and has proven reserves of 268 billion barrels. Aramco’s annual net income regularly exceeds USD 100 billion, making it the most profitable company on earth.

Beyond upstream oil production, Aramco has expanded aggressively into refining, petrochemicals, and new energy. Its acquisition of a 70 percent stake in SABIC in 2020 created an integrated chemicals powerhouse. The company’s IKTVA (In-Kingdom Total Value Add) programme drives local content development, and its ventures into hydrogen, carbon capture, and renewable energy signal strategic positioning for the energy transition.

SABIC

Saudi Basic Industries Corporation (SABIC) is one of the world’s largest petrochemical manufacturers, with annual revenues exceeding USD 40 billion. Now majority-owned by Aramco, SABIC operates manufacturing facilities in Saudi Arabia, the Americas, Europe, and Asia. Its product portfolio includes fertilizers, metals, specialty chemicals, and engineering plastics used in automotive, construction, healthcare, and packaging industries.

Saudi National Bank (SNB)

Saudi National Bank, formed through the 2021 merger of National Commercial Bank and Samba Financial Group, is the Kingdom’s largest bank by total assets, exceeding SAR 950 billion. SNB provides a full range of commercial, corporate, and investment banking services and has expanded its international footprint, including a notable strategic stake in Credit Suisse (now part of UBS). The bank is a key financial intermediary for Vision 2030 projects and government-related entities.

Al Rajhi Bank

Al Rajhi Bank is the world’s largest Islamic bank by market capitalization and one of the most profitable financial institutions in the MENA region. With assets exceeding SAR 800 billion, Al Rajhi serves over 12 million customers through an extensive branch network and market-leading digital banking platforms. The bank’s fully Sharia-compliant model has proven highly successful in the Saudi market, where Islamic banking commands approximately 75 percent of total banking assets.

Saudi Telecom Company (STC)

STC is the largest telecommunications operator in the Middle East by market capitalization and subscribers. The company serves over 160 million customers across its operating markets, which include Saudi Arabia, Kuwait, Bahrain, Turkey, and several other countries. STC has been the primary driver of 5G rollout in the Kingdom, operating one of the world’s largest 5G networks by coverage area. Its STC Pay digital payments subsidiary and cloud computing ventures position it as a technology conglomerate beyond traditional telecom.

Ma’aden (Saudi Arabian Mining Company)

Ma’aden is the largest mining company in the Middle East and a cornerstone of Saudi Arabia’s mineral diversification strategy. The company produces gold, phosphate fertilizers, aluminium, and industrial minerals, with annual revenues exceeding SAR 30 billion. Ma’aden operates the Ras Al-Khair industrial complex, one of the world’s largest integrated aluminium and phosphate facilities. The company is central to the government’s ambition to develop the Kingdom’s estimated USD 1.3 trillion mineral wealth.

ACWA Power

ACWA Power is a leading developer, investor, and operator of power generation and desalinated water plants. With a portfolio of assets valued at over USD 85 billion across the Middle East, Africa, Central Asia, and Southeast Asia, ACWA Power is a primary vehicle for Saudi Arabia’s renewable energy ambitions. The company develops and operates utility-scale solar, wind, and green hydrogen projects, including several of the Kingdom’s largest renewable energy installations.

Public Investment Fund Portfolio Companies

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has created or invested in numerous large-scale companies. These include NEOM (the futuristic city development), Red Sea Global (luxury tourism), Roshn (residential real estate), Riyadh Air (new national airline), and the Saudi Entertainment Ventures (SEVEN). While many of these entities are not yet publicly listed, they represent significant future additions to the corporate landscape and potential IPO candidates.

Emerging Corporate Champions

Beyond the established giants, Saudi Arabia is developing a new generation of major companies in technology, healthcare, entertainment, and financial services. Companies such as Tamara (buy-now-pay-later), Tabby (consumer finance), Foodics (restaurant technology), and others in the startup ecosystem are scaling rapidly with support from venture capital and PIF-backed funds.