Dubai, an emirate in the United Arab Emirates (UAE), is a major business hub in the Middle East. Home to such iconic skyscrapers as Burj Khalifa and famous for its skyline, Dubai attracts a lot of world attention for its innovative construction projects such as The World Islands and the Palm Jumeirah. A global city offering unique and unmatched living experiences, Dubai has carved a niche for itself. It has several other rapidly growing industries thriving in its heartland – majority of which fall under real estate and financial services sectors. The top companies in Dubai include brands like Emirates NBD, EMAAR Properties, Dubai Islamic Bank, Damac Properties & Emaar Malls Group along with companies like Emirate Integrated Telecommunications, Mashreq Bank, Commercial Bank of Dubai, Dubai Investments and Emirates Islamic Bank. Here is the list of the top 10 companies in Dubai 2016.
10. Emirates Islamic Bank PJSC
Founded on the 4th October 1975, Emirates Islamic Bank is a public bank, listed on the Dubai Financial Market (DFM).
Image: company website
Listed on the DFM since May 2005, it is a subsidiary of the even larger bank Emirates NBD, which holds 99.89% ownership in the Emirates Islamic Bank (EIB). The bank has its headquarters in Dubai, United Arab Emirates (UAE), and operates through its six subsidiaries. The subsidiaries are Emirates Islamic Financial Brokerage Co LLC (100.00%), EIB Sukuk Company Ltd (100.00%), EI Funding Ltd (100.00%), Al Baraka Bank - Syria (10.00%), First Energy Bank (10.00%), Khaleeji Commercial Bank (8.41%). While its commercial banking products and services are provided in the UAE, EIB also functions across Syria, Bahrain and Cayman Islands.
EIB is active in the Retail, Corporate and Investment, and Treasury segments, offering a host of personal and commercial banking products and services. These include deposits (Current and Savings, Fixed, Investment terms), payment cards (Debit, Credit, Prepaid), financing services (Home, Auto, Personal, Commercial property) to name a few. Project financing, takaful banking, wealth management, payroll handling, money exchange services – you name it. It is to be noted that all its products and services are offered through Islamic financing. Even the financial instruments offered by EIB are in conformity with Islamic Sharia. EIB was recently awarded for its innovative product ‘El trade’ for being the world’s first platform to offer Sharia compliant trade finance. Also, as a recognition of its phenomenal growth story in 2015, EIB was recently termed the ‘Fastest Growing Bank’ at the 2016 Banker Middle East Industry Awards. EIB is known both for its cutting-edge innovative products as well as CSR activities.
PARAMETERS:
Market Capitalization [in AED 000's]: 5934937
Income (AED Million): 2,430.00
Total Profit (AED Million): 640.68
9. Dubai Investments
Dubai Investments came into existence on July 16, 1995 with the vision to provide quality products and services in the financial investments sector.
Image: company website
Listed on the Dubai Financial Market (DFM) on the 20th of March, 2000, Dubai Investments (DI) has grown impressively in the past few years. Boasting of a little less than 20000 shareholders and a paid-up capital of over 4 billion Dirhams (AED), DI finds its place among the top 10 companies in Dubai. With active investments in a multitude of businesses across the three core sectors of manufacturing, real estate, and industrial and financial investments, DI has its presence felt across United Arab Emirates (UAE) and the Middle East.
Ever since its incorporation, DI has tried to stay ahead of the times when it comes to interlinking technology with its products. State of the art technology, innovative business models, unparalleled investment strategies and techniques has helped DI in its quest to stay among the top of the tops. Leveraging on the above mentioned, DI has been able to diversify its investment portfolio across sectors and markets from around the world. Exemplarily judicious use of its capital has made it possible for DI to not only acquire rapidly-growing firms and own about 40 subsidiaries, but also identify and obtain lucrative investment opportunities in a wide range of companies. Its sound judgement has enabled it to recognize businesses with promising growth potential, and partner with them by means of a joint venture. While First Energy Bank, Takaful Re Limited, Emirates District Cooling (EMICOOL) are some of its notable strategic investments, Dubai Investment Park, Dubai Investments Industries are some of its well-known subsidiaries. DI’s sound business model and able leadership has helped it stay afloat even in times of economic turbulence.
PARAMETERS:
Market Capitalization [in AED 000's]: 8180073
Income (AED Million): 2,671.66
Total Profit (AED Million): 1,109.84
8. Commercial Bank of Dubai
Commercial Bank of Dubai (CBD) is a publically listed bank in the United Arab Emirates (UAE), offering consumer, corporate banking and financial services.
Image: company website
With a paid-up capital of over 2.8 billion Dirhams (AED), CBD is the 35th largest bank in the Gulf area (as per Gulf Business reports). Founded on the 3rd of July 1969 by the Amiri Decree of the then Emir of UAE, H.H Sheikh Rashid bin Saeed Al Maktoum, CBD had started off as a joint venture of three banks – Commercial Bank of Kuwait, Chase Manhattan Bank and Commerzbank. Gradually progressing into a public shareholding firm, CBD had itself listed on the Dubai Financial Market (DFM) on April 1, 2003.
Other than Retail banking, CBD also offers products and services in the wealth management, foreign exchange and insurance sectors. Small and Medium Enterprise financing is another area CBD is venturing into. Needless to say, Islamic Banking and Sharia compliant banking are also the key focus areas of CBD. Under the able leadership of the Chairman, Saeed Ahmed Ghobash and the Chief Executive Officer, Peter Baltussen, CBD has been reporting annual profits to the tunes of billions of Dirhams (AED) for the last two years. Even in terms of Market Capitalization, CBD is third only to Emirates NBD and Dubai Islamic Bank among the companies listed on DFM in the Banks sector. At the back of its sound capitalisation, adequate liquidity, consistent profitability, apt capital adequacy ratio, CBD enjoys a stable outlook in terms of its credit ratings as per the leading credit rating agencies. As of August 2015, both Capital Intelligence and Fitch ratings have rated CBD at A-, testifying its performance and growth prospects.
PARAMETERS:
Market Capitalization [in AED 000's]: 17657224
Income (AED Million): 2,352.24
Total Profit (AED Million): 1,066.23
7. Mashreq Bank
Headquartered in Dubai, Mashreq Bank, formerly known as the Bank of Oman (the name change happened in 1993), boasts of several firsts attributed to its name.
Image: company website
Coming into existence on Jan 1, 1967, Mashreq (Arabic for Oriental Bank) is the oldest privately held bank setup in the United Arab Emirates (UAE). It was the first UAE bank to come up with ATMs, the first to launch consumer loan services, and also the first to initiate payment cards such as credit and debit cards. Its innovative products and extensively technology-led services fetched it the first ever Dubai Quality Award. With 45 domestic branches and 20 branches outside of UAE, which are spread across 9 countries, Mashreq offers its customers products and services in the retail, investment and asset management arenas. Outside of UAE, Mashreq’s presence is strongly felt in Bahrain, Kuwait, Egypt and Qatar.
Mashreq has had a dream run since its inception – with the achievement of a spotless profitable growth story for the last 46 years. It has strived continuously to deliver in its diverse business areas – chiefly, corporate and investment banking, retail banking, treasury and capital markets, international banking, as well as Islamic banking. A paid-up capital of 1.77 billion Dirhams (AED) to boot, Mashreq was listed on the Dubai Financial Market (DFM) on the 1st of April, 2000. In terms of market capitalization, it ranks at 4th, after Emirates NBD, Dubai Islamic Bank and Commercial Bank of Dubai. A four-time winner of ‘Best Regional Retail Bank’, Mashreq also bagged the ‘Best Banking Innovation’ and the ‘Best Real Estate Finance’ awards at the Banker Middle East Industry Awards 2016. With a vision to create a better future for the underprivileged, Mashreq added another feather in its cap with its brainchild online charity account ‘AHSEN’ – a first of its kind in UAE.
PARAMETERS:
Market Capitalization [in AED 000's]: 14557526
Income (AED Million): 5,978.00
Total Profit (AED Million): 2,402.11
6. Emirate Integrated Telecommunications Company
Emirate Integrated Telecommunications Company (EITC) is a telecom operator in the United Arab Emirates (UAE).
Image: company website
While EITC is the legal name, the company was rebranded to Du in February 2007, and established in December 2005, EITC started off operations in 2006. Catering to both people and businesses – small or large, private or Government, EITC offers mobile as well as fixed telephone services, broadband connectivity and IPTV services. For broadcasters, EITC also provides satellite services. Crowned as the Best Mobile Broadband Network in the Middle East and Africa region in 2012 in ARC Chart’s survey, EITC boasts of close to 50% market share in the mobile consumer segment in UAE. EITC’s dedication to providing quality service to its customers, pursuing fair business practices, as well as depicting its commitment to corporate social responsibility are also certified by the various awards and distinctions it has received in the near past. Notably, these include the first place in Standard and Poor’s Hawkamah Pan Arab Environment, Social and Corporate Government Index, Best Investor Relations by CFO for Middle East by the Middle East Investor Relations Society.
Listed on the Dubai Financial Market (DFM) on the April 22nd, 2005, EITC has amassed a paid-up capital of over 4.5 billion Dirhams (AED). Its yearly net profits for the last two years have been to the tunes of 2 billion AED. Attracting talent from over 60 countries, EITC boasts of a rich cultural diversity at workplace, and is often a sought after place to work for. EITC also supports knowledge empowerment by its initiatives such as Masar Sponsorship programmes and du scholarships for Emirati students. Epitomizing its vision “To enhance your life, anytime, anywhere”, EITC is indeed living up to it and revolutionizing the way Emirati citizens are getting connected.
PARAMETERS:
Market Capitalization [in AED 000's]: 23314288
Income (AED Million): 12,340.00
Total Profit (AED Million): 1,941.35
5. Emaar Malls Group
A subsidiary of EMAAR Properties, Emaar Malls Group is a major shopping malls and retail centres development and management firm based out of Dubai, United Arab Emirates (UAE).
Image: company website
Established on December 28th, 2005, Emaar Malls Group is second only to its own parent company EMAAR Properties with respect to Market capitalization among all the companies operating in the Real Estate and Construction Sector and listed on the Dubai Financial Market (DFM). Listed on the DFM on October 2nd 2014, Emaar Malls Group has a massive paid-up capital of over 13 billion Dirhams (AED). The company has majority of its operations in four segments of shopping malls and retail centre construction and management - Regional Malls, Super-Regional Malls, Specialty Retail, and Community Integrated Retail.
The front runner of Emaar Malls Group’s construction business is the world famous Dubai Mall. The Dubai Mall is not only the world’s largest shopping mall by area (1,124,000 sq. mts.), it is also the world’s most visited shopping, entertainment and leisure destination by footfall. The company also has several other impressive names to its credit – notably the Souk Al Bahar, which is a dining and entertainment place designed in Arabesque style; the Dubai Marina Mall, which caters to the lifestyle shoppers in the Dubai Marina community; and also the Gold and Diamond Park, which caters solely to the gold and jewellery enthusiasts. Understandably, Emaar Malls Group boasts of an impressive 5.8 million sq. ft. of leasable area. Achieving a staggering 96% occupancy rate in its shopping malls and retail centres, Emaar Malls Group also has several awards in its kitty - Best Hotel Chain the Middle East’, ‘Best Individual Hotel in the World’ for The Address in Downtown Dubai to name a few, as a recognition for its operational standards and excellence.
PARAMETERS:
Market Capitalization [in AED 000's]: 35919468
Income (AED Million): 2,992.00
Total Profit (AED Million): 1,656.30
4. Damac Properties Dubai Co.
Damac Properties Dubai Co. is a Dubai based firm into property development with its operations majorly in the luxury real estate segment.
Image: fcprop
Damac Properties was founded in 2002 and has since been on its mission to provide unparalleled living experience. While starting off majorly in Dubai, United Arab Emirates (UAE), Damac Properties now has its projects in the GCC counties, the Middle East, and even in the United Kingdom. Ranging from high rise luxury apartments to mammoth golf course communities to operating and managing five star hotels and serviced apartments, Damac Properties has several credible and incredible projects to its name.
Listed on the Dubai Financial Market (DFM) on January 12 2015, Damac Properties is next only to EMAAR Properties and Emaar Malls Group in terms of Market Capitalization in the Real Estate and Construction Sector on the DFM. With a paid-up capital of over 6 billion Dirhams (AED), Damac Properties has delivered over 15800 units, and has another 44000 units in progress. The company also has the distinction of being the first real estate company from Dubai to be listed on the London Stock Exchange, when it did so on the 4th of November 2013. For its limited edition and world class luxury apartments, the company has partnerships with various global brands. For its exclusive limited edition villas in Akoya Oxygen, its flagship construction project, the company is partnering with Bugatti, and the interiors of its Aykon Nine Elms in London has been done by Versace Home. While it roped in Tiger Woods for designing the Trump World Golf Club at Akoya Oxygen, it also signed up with the fashion brand Fendi for projects in Saudi Arabia and Dubai.
PARAMETERS:
Market Capitalization [in AED 000's]: 14036000
Income (AED Million): 8,536.06
Total Profit (AED Million): 4,514.83
3. Dubai Islamic Bank
Dubai Islamic Bank came into existence on 12th March 1975 and is one of the leading companies in UAE.
Image: company website
It is a public joint stock company that offers banking and insurance products and is based in Dubai, United Arab Emirates (UAE). Dubai Islamic Bank (DIB) is an Islamic Bank, which means that all its banking activities follow the Sharia (Islamic laws), that is to say, it follows Sharia compliant finance. DIB in fact holds the distinction of being the first bank in UAE to start practicing all Islam principles and laws in its banking operations. With more than 60 branches in UAE itself, DIB currently holds the first position when it comes to being the largest Islamic bank in UAE. In terms of Market Capitalization, DIB is second only to Emirates NBD when comparing among all the banking sector companies listed on the Dubai Financial Market (DFM). DIB was listed on the DFM on March 26, 2000.
Owing to its success in UAE, DIB has also established its branches and partnerships internationally. Its wholly owned subsidiary DIB Pakistan Limited (DIBPL) started its operations in Pakistan in 2006. DIB Pakistan, like its parent company is into Islamic Banking, and has grown to 175 branches in over 60 cities in Pakistan. With offices in Turkey as well as clinching a banking license in Jordan, DIB has been expanding its network like never before. DIB currently has a paid-up capital of 3.9 billion Dirhams (AED). With its customer-centric approach in doing business, DIB is not foreign to awards and recognition. It has received the Best Retail Bank, Best Corporate Bank, Best Commercial Bank, Best Islamic Bank, Best Sukuk Arranger, and Best Car Finance among a flurry of other awards.
PARAMETERS:
Market Capitalization [in AED 000's]: 24434181
Income (AED Million): 7,546.00
Total Profit (AED Million): 3,839.00
2. EMAAR Properties
Founded on 23rd July, 1997, EMAAR Properties needs no introduction in the world of real estate.
Image: Wikimedia
It is undoubtedly among the leaders in the real estate and construction sector companies in United Arab Emirates (UAE). The fact that EMAAR Properties is among the leaders is exemplified by its flagship construction – the mighty Burj Khalifa, which is the tallest building in the world. Headquartered in Dubai, EMAAR Properties is a public joint stock firm, and was listed on the Dubai Financial Market (DFM) on March 26th 2000. It was actually the first real estate company in UAE to offer its shares to overseas citizens. It has a paid-up capital of over 7 billion Dirhams (AED), and also ranks first in terms of Market Capitalization among all the real estate companies listed on the DFM. Its subsidiary EMAAR Malls Group is also a leading real estate company, specializing in shopping malls and retail centres development and management.
Other than the iconic Burj Khalifa, EMAAR properties also has diversified interests in other real estate segments such as commercial and residential property construction, and also shopping malls and hospitality. The company has expanded its operations internationally, and with its premier construction and management services, has its presence felt in 36 markets across Middle East, Europe, North Africa, Asia and North America. Among its notable construction projects outside UAE is Hyderabad International Convention Centre (HICC) in Hyderabad, India and the development of 2010 Commonwealth Games Village in Delhi, India, which was constructed by its joint venture with MGF India. On an expedition to beat its own record, EMAAR Properties now wants to construct a building taller than its own Burj Khalifa, and plans to complete it by 2020.
PARAMETERS:
Market Capitalization [in AED 000's]: 40738915
Income (AED Million): 13661
Total Profit (AED Million): 4,082.17
1. Emirates NBD
Coming into existence on the 16th of October, 2007, Emirates NBD was formed as a result of the merger between two strong players in the United Arab Emirates (UAE) banking sector.
Image: company website
To leverage on their core competencies and competitive advantages, the merger of National Bank of Dubai (NBD) and Emirates Bank International (EBI), which were the then fourth and the second largest banks in UAE, gave rise to what is today known as Emirates NBD. The merger has since then become a benchmark. It led to the formation of an industry leader – one specializing in retail, corporate, private, Islamic and investment banking across the geography. Listed on the Dubai Financial Market (DFM) on the 16th of October, 2007, Emirates NBD is currently one of the largest banks in the Middle East in terms of the assets it possesses. It also tops the charts when it comes to rankings based on Market Capitalization in the banks sector, or in fact even across the sectors among the companies listed on the DFM. It has a paid-up capital of over 5.5 billion Dirhams (AED).
Apart from UAE and Middle East (Egypt and Saudi Arabia), the company also operates in UK and Singapore, and has opened its representative offices in India, Indonesia and China to help entities from these countries get access to Dubai’s financial markets. While Emirates NBD’s performance, customer satisfaction and business growth need no certification, it has received a horde of awards testifying its position – Euromoney awards for Excellence, Best Mobile Payment of the year (by Asian Bankers) and also grabbing most of the awards at Banker Middle East Industry 2016. Emirates NBD has also tried to give back to the society with its CSR activities in areas of education, charity, sports and art, proving its dedication to the economic and social welfare of the society.
PARAMETERS:
Market Capitalization [in AED 000's]: 41127535
Income (AED Million): 15,228.00
Total Profit (AED Million): 7,123.03
Ranking Methodology:
The top 15 companies in Dubai were selected and three parameters were chosen. Market Cap was given 0.4, Income was given 0.25 and Profit was given 0.35 weightages. Based on this a final score was calculated and the rank wise list was formed