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Abu Dhabi's top 100 companies take a bow

Etisalat, National Bank of Abu Dhabi and First Gulf Bank have taken the top three positions in a new ranking called Abu Dhabi's Top 100 Companies.

Etisalat, National Bank of Abu Dhabi and First Gulf Bank have taken the top three positions in a new ranking called Abu Dhabi's Top 100 Companies. The three were also the top listed companies on the Abu Dhabi Securities Exchange (ADX) according to the new index.

The businesses were honoured last night at an inaugural awards ceremony hosted by Abu Dhabi University.

The Abu Dhabi Airports Company, Abu Dhabi Aviation and Abu Dhabi Duty Free were named the top three government investment companies.

The awards aim to recognise Abu Dhabi companies based on their economic performance in 2011.

Manazel Real Estate was recognised in the category of privately owned companies. Dana Gas was recognised as the largest regional private sector natural gas producer.

At the end of last year, Dana Gas reached a deal with creditors to restructure its US$1 billion (Dh3.67bn) sukuk, extending the bulk of the debt for another five years, and ending a period of uncertainty for the company after it missed an October 31 deadline to repay the bond.

Mohammed Muhanna Al Qubaisi, the chairman of Manazel, said it was "a good thing" to be included among the top 100 companies and a reflection of the company's performance.

He said he thought the company had been recognised because of its good branding, products, services, business plan and projects completed.

"We are unique in the property market in that we are providing homes for middle class people," Mr Al Qubaisi said. "We are the only company in Abu Dhabi doing that."

He urged other private property companies in Abu Dhabi to be more creative in their property projects in order to weather the property recession in the city.

Etisalat topped the list of companies on the ADX with net profits of Dh4.6bn, according to figures provided by ADX. The telecoms operator's market cap on December 29, 2011 was Dh72bn. NBAD had a net profit of Dh3.7bn and a market value of Dh31bn for the same period. First Gulf Bank had a net profit of Dh3.7bn and a market value of Dh23bn.

Other companies in the top 10 are: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Abu Dhabi National Energy Company, United National Bank, Aldar Properties, Abu Dhabi National Insurance Company and Sorouh Real Estate.

The top companies in their sectors were: Waha Capital in investment and financial services; Agthia in the consumer staples category; Gulf Pharmaceutical Industries in the industrial category; and National Marine Dredging in the general services category.

lgutcher@thenational.ae

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