Forbes Middle East to honour successful companies in Oman

MUSCAT: Forbes Middle East will host a gala dinner and an award ceremony in Muscat to honour the most successful and leading companies in Oman.

The event will be held on December 18 and will celebrate the country’s top listed and unlisted companies that have contributed to the country’s economic growth.

“This will be the first of many events hosted by Forbes Middle East in Oman,” said Khuloud Al Omian, Editor-in-Chief of Forbes Middle East.

Hub for innovation

Oman is revitalising its economy by fostering a robust startup ecosystem and become a hub for innovation in the region.

The combined profits of the Top 25 listed companies in Oman are estimated to be $2.1 billion.

“2020 will be a very exciting year for Oman as it embarks on numerous initiatives to propel growth. There are so many companies helping Oman on this journey and we feel that it is important to recognise their success and everything they have achieved,” said Khuloud Al Omian. “This will be the first of many events hosted by Forbes Middle East in Oman. We look forward to celebrating the country’s leading organisations and most influential individuals.”

Economic growth

Economic growth in the Sultanate is projected to spike to 6 per cent in 2020, according to a recent report by the World Bank. This is the highest rate of projected growth among GCC countries, compared to the expected 1.2 per cent in 2019. According to Oman Tech Fund, Oman is fostering a vibrant startup ecosystem as it aims to become the innovation hub in the region.

The top 25 listed and unlisted companies of Oman will feature in the December edition of Forbes Middle East magazine. Information to collate the top listed companies was collected from the Muscat Stock Exchange. They were then ranked based on market value, sales, assets and profits. The combined profits of the top 25 listed companies are estimated to be $2.1 billion while the total value of their combined assets are estimated to be worth $11.8 billion.

Unlisted companies

The unlisted companies ranking was devised by taking into account the size of the business (in regard to employees, number of branches and the number of countries they are in), the age of the company, their social initiatives, transparency and editorial points.

The event will be hosted in Muscat alongside Lulu Group as platinum partners and GBM and Danube Home as gold partners.