Jeddah, Saudi Arabia–: SADAFCO (Saudi Dairy and Foodstuff Company), the leading food manufacturer, distributor and seller in Saudi Arabia, has been included in Fortune magazine’s inaugural list of the 500 most successful companies in the Arab world, ranking 183rd overall.
Nearly a third of the companies in the new rankings are Saudi Arabian. UAE companies place second, followed by those in Egypt, Kuwait and Qatar.
The Fortune 500 Arabia joins the global Fortune 500 lists that have been published by Fortune magazine in the United States since 1955. The new annual rankings are based on nine months of verified research across 22 Arab countries. The companies are ranked by their collective revenues, which reached around US$1.6 trillion in 2022.
Patrick Stillhart, Chief Executive Officer of SADAFCO, said: “Placing 183rd in the first edition of the Fortune 500 Arabia is a testament to both SADAFCO’s commercial success and the economic diversification gathering pace across the Kingdom, in line with the vision of Crown Prince Mohammed bin Salman.”
“The fact that no fewer than 153 of the 500 companies are from Saudi Arabia shows the leading role Saudi business is now playing in driving the Middle East economy forward,” he added.
Announcing the launch of Fortune 500 Arabia, Alan Murray, the CEO of Fortune Media, said the list reflected the region’s growing economic maturity. “The publication of this list marks an important moment for the region and an important moment for these 500 companies. We are proud to welcome them all into the Fortune 500 family.”