Arabia's Top Companies of 2026
Countries in the Gulf Cooperation Council, whose economies have benefitted massively from natural resources like oil and gas, have been increasingly diversifying their economies beyond the hydrocarbon business. “In terms of economic strategy, [the GCC countries have] gotten the message that oil is not going to be there for long,” says Adnan Mazarei , a senior fellow at the Peterson Institute for…
The Gulf Cooperation Council (GCC) nations, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, have been diversifying their economies beyond oil and gas. Adnan Mazarei, a senior fellow at the Peterson Institute for International Economics, explains that this shift is due to the uncertainty surrounding oil's long-term availability and the evolving geopolitical landscape.
The diverse efforts in diversification include a focus on AI data centers, processing critical minerals, and expanding non-oil industries such as health services, tourism, and health tourism.
Methodologically, TIME partnered with data firm Statista to identify the top-performing 200 companies across these countries based on employee satisfaction, recent revenue growth, and sustainability transparency reported by the companies themselves. This list highlights the varying degrees of success in non-oil industries across the GCC. Saudi Arabia, Qatar, and the UAE, in particular, have made significant strides in economic diversification, leading the region in this regard.
The banking and finance sector is the most represented industry among the top-performing companies, comprising 15.5% of the list. Bahrain, being the first in the GCC to develop its financial services sector, has seen the success of private equity funds like Investcorp, which facilitated connections between Gulf institutions and global business opportunities. In 2023, Investcorp spun out Investcorp Capital, listed on the Abu Dhabi stock exchange, further solidifying Bahrain's position in the financial services industry.
The real estate industry has also experienced expansion due to state activity and investment, with giga-projects driving much of this growth. However, the GCC's economic development plans have faced disruptions due to geopolitical conflicts. In response, companies have had to adapt their strategies. For instance, Aluminum Bahrain Alba, a major non-oil economy contributor, had to reduce output to protect against potential attacks, which has caused global aluminum prices to rise and created supply uncertainties.
As the region navigates these challenges, there are projections that the economy will recover by 2027, with increased spending in non-oil sectors driving growth. Logistics giant DP World is also capitalizing on these changes by planning new shipping ports and expanding its ground transport fleets to address supply chain disruptions in the Strait of Hormuz. Despite these challenges, the GCC's commitment to diversification and sustainability suggests a bright future for its non-oil industries.
Written by urgent.news from Time's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
