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The 2004 DS100 Analysis Diverse Set of Companies Counter Oil Sector Dominance > Full List Posted, December 3rd, 2004 This first ever ranking of top businesses in the Muslim world reveals a rich diversity of companies that are leading their markets both regionally and globally. Many interesting insights are derived in the following paragraphs from this attempt to aggregate as true a picture of businesses in the Muslim world as possible. Given that such a list has rarely been attempted is a reflection of some key business challenges in the region.  It is a well-known fact that many large businesses in the Muslim world are either government owned or family held, with limited financial and operational disclosure practices. Public markets do exist in many of the 57 OIC member countries, but only a few are mature enough to reflect the true state of business enterprises. DS100: A Challenging Task The goal of the DS100 is to reflect as close a picture of the leading business activities in the OIC member countries as possible. The DS100 aims to provide managers and strategists with a tool to benchmark trends and identify major issues and opportunities. At the same time, the DS100 aims to recognize companies that are leading the charge in the global competitive landscape and are making a significant impact in the well-being of their communities. With this goal in mind, the DS100 had to include not just those publicly listed companies for whom financial data is easily available, but also those private, family, or government held business for whom data could be estimated or verified through various media sources. The result of this effort is the following DS100 list that has been ranked purely on the basis of 2003 annual revenues. We recognize that the list will have inaccuracies or may have missed many companies all together. This will be particularly true in the case of private or government held businesses. For this purpose we have created a Corrections section for the list. This section will be updated with any corrections or updates received throughout the year. Also, we are including a sampling of businesses that we think may have made it to the DS100 list but whose revenues we were unable to verify. (Click here for more details on the criteria and methodology used) The Energy Sector Leads, But a Rich Diversity of Industries is Revealed The combined total revenue of the DS100 Companies was $512 billion in 2003. This is 7% of the total revenues of the top 100 companies worldwide (from Fortune's Global 500 list) which stood at $7.1 Trillion. Saudi Aramco, the top oil producer in the world, leads the DS100 list as the largest business enterprise of the Muslim world. Saudi Aramco's leading position signifies the influence of the energy sector, which is further confirmed by the fact that the next seven companies on the list are all state-owned Integrated Oil & Gas companies. However, further industry breakdown shows that there is a greater diversity amongst the top 100 list with only 18% belonging to the energy sector. In fact, a diverse set of additional innovative and high growth industries such as Telecom, Finance, Transportation, Construction, and Manufacturing are also well represented. (See: Ten Most Exciting Companies of The DS100) DS100 - Top 100 Companies of the Muslim World Industry Breakdown DinarStandard.com, 2004   Diversified companies represent the largest sector on the list, with the Turkish family owned conglomerates such as Koc Holding, Sabanci Holding, and Dogan Holding having the most revenues. Finance is the next most represented sector with Turkish banks such as Ziraat Bank, IsBank, Akbank, and Vakif leading with the highest revenues, though, Saudi financial institutions such as National Commercial Bank, Al Rajhi Banking and Investment Corp., Samba Financial, and Riyad Bank are also well represented. The other major sector is Telecom with 10 companies represented and led by Saudi Telecom, Turk Telecom (listed on NYSE) and Telkom Indonesia. This is perhaps the most exciting sector with a flurry of privatization, market expansion and innovation activities. The other key industries represented in the DS100 include Food Processing, Airlines, Construction, Automotive, Basic Materials, Consumer Appliances and Utilities. Publicly Listed vs. Government and Private Companies SABIC - Saudi Basic Industries Corporation, the Middle-East's largest non-oil industrial company, leads the list of publicly traded companies followed by the Turkish giant Koc Holding. 59 of the 100 companies on the DS100 are publicly traded in 11 different countries.  26 out of the 57 OIC member countries today have a securities market at different stages of maturity with high growth seen in the Middle East markets and Pakistan. Even as majority of the companies on The DS100 are publicly traded, bulk of the total revenue, more than 60%, is attributed to the 30 Government owned companies on the list. Infact, Eight of the top 10 companies on the DS100 are government owned. It should be noted, that some of the 'Listed' companies still have majority Government ownership and are at different stages of a privatization drive. Examples are SABIC and Turkish Petroleum. In regards to Privately held companies, only 11 are included in The DS100. These are those for whom data was available through public sources. Kingdom Holding Company (Saudi Arabia) leads this list, followed by Sabanci Group (Turkey), and Dallah Albaraka Group (Saudi Arabia). Even though there is a small representation of Private Companies on the list, it is believed that there are many for whom data was not available and hence were not included*. Turkish, Malaysian, Saudi and Indonesian Companies lead the List Overall, companies from 18 out of the 57 OIC member countries have made it on to the DS100. Turkish companies lead the list with 25 represented, followed by 22 from Malaysia, 15 from Saudi Arabia, and 11 from Indonesia. Other countries represented include Pakistan, Iran, Nigeria, Morocco, Kazakhstan, Egypt, UAE, Bahrain, and Algeria.   DS100 - Top 100 Companies of the Muslim World Country Breakdown DinarStandard.com, 2004   In conclusion, for businesses wanting to compete globally, it is important to recognize the value in benchmarking against global and regional market leaders. Such an assessment gives the ever-important workforce a source of motivation and pride. It inspires management to raise their level of competitiveness to a global level and focus their efforts in emulating and surpassing the strategies of those who innovate, whoever they may be, and lead the global marketplace. Companies on the DS100 are leading their markets and innovating to compete globally. Yet, not a single OIC based company was part of the top 100 worldwide companies (from Fortunes Global 500 list). Only one company, Petronas of Malaysia, is ranked on the Global 500 list . Given the DS100 ranking, 5 more may qualify. Obviously, there is much room for growth and competitive parity. The DS100 will hopefully help play a small part in helping to raise the bar for companies in the Muslim world. ------------------------ * Following are some Private and Government held Companies whose information could not be verified that may have made the DS100: Libyan Iron and Steel Co. - Libya Salim Group - Indonesia Uzbekneftegaz State Holding Co. - Uzbekistan Obegi Group - Lebanon KazZinc - Kazakhistan Zorlu Holding - Turkey SOCAR - Azerbaijan Al Owaidah Group - Saudi Arabia Arabian Fal Company for Trading and Contracting - Saudi Arabia National Iranian Steel Corporation - Iran Azimut Energy Services -Kazakhistan Saudi Arabian Airlines - Saudi Arabia Damac Group - United Arab Emirates Perodua- Malaysia Al Owaidah Group - Saudi Arabia Omzest Group - Oman Cukurova Group - Turkey Syrian Petroleum Co. - Syria

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