Why are so many banks topping Egypt’s biggest companies list?

According to Forbes Middle East, 12 banks made it into the Top 50 Public Enterprises in Egypt this year, showcasing how central the financial sector has become to the nation’s economy.

Banks lead the pack

Leading the list is Commercial International Bank (CIB), with a market value of $4.7 billion and total assets close to $24 billion. Its top ranking shows the strength of well-managed banks in an otherwise turbulent global economy.

CIB isn’t alone. QNB Al Ahli, Suez Canal Bank, Housing and Development Bank, and others also secured strong positions. These banks have proven not only financially stable but increasingly influential in funding development and expanding access to financial services.

Finance still rules Egypt’s economy

The financial services sector as a whole accounts for 17 out of the 50 top companies, based on market value, assets, revenue, and profit. These companies brought in $13.5 billion in sales and control about $78.4 billion in assets.

This dominance highlights how much Egypt’s economy still leans on its banks and finance firms—not just as service providers, but as key engines of growth and investment.

New names join the list

This year’s list welcomed three newcomers: The United Bank, Beltone Financial Holding, and Maridive & Oil Services. These new additions reflect shifting dynamics in Egypt’s business landscape, where performance and profitability are creating space for new players.

One company that reappeared after falling off in past years was the Egyptian Financial & Industrial Company (EFIC), thanks to a nearly 150% increase in net profit and a 59% sales jump in 2024.

Big deals are boosting growth

Strategic partnerships are playing a huge role in this year’s corporate successes. Telecom Egypt joined forces with Saudi Arabia’s Mobily to build the first undersea internet cable connecting the two nations—an infrastructure move that could have major long-term impacts on the digital economy.

In the green energy space, Oriental Weavers signed a deal in 2024 to install a $1.5 million solar plant at its main factory. At the same time, Fawry teamed up with Microsoft to help small and mid-sized businesses modernize by adopting Microsoft 365.

Egypt’s top companies are growing fast

The total market value of the top 50 companies hit $35.1 billion in April 2025, a 19.6% increase over the previous year. Sales jumped by more than a third, while profits rose by 45%.

Most telling is the growth in total assets, which climbed 33% to nearly $119 billion—more than a third of Egypt’s GDP.

How the ranking was done

Forbes based its rankings on audited 2024 financial statements published on the Egyptian Exchange. Companies were scored equally on four metrics: revenue, profit, total assets, and market value (as of April 25, 2025). Any company without audited data by that date was left out.

What it all means

The heavy presence of banks on the list shows that Egypt’s economy still leans heavily on financial institutions. Their ability to generate stable revenue, manage risk, and invest strategically has helped them rise to the top.

But the appearance of energy, tech, and logistics companies also signals that Egypt’s private sector is diversifying. If these trends continue, we could see an even more dynamic list next year—driven not just by finance, but by innovation across sectors.