The combined market value of the top 50 entities increased by 6.7 percent compared to last year, Forbes said in a press release on Wednesday.

The list included 16 banking and financial entities – which headed the list – 8 real estate and construction firms and seven industrial entities.

According to Forbes, four entities topped the list: Commercial International Bank (CIB), QNB Alahli, Telecom Egypt, and Elsewedy Electric.  

The ranking depended on gathered data from the Egyptian Exchange and sales, assets, and profits these entities reported in 2022. 

It also depended on the market value of the entities as of the end of April 2023.

Entities which did not disclose their 2022 full-year audited financial statements on 25 April 2023 have been excluded from the list.  

CIB — Egypt’s largest listed bank — topped the ranking for the second consecutive year, with a market value of $5.2 billion and total assets of $20.6 billion. 

Three out of four entities topping the ranking are private sector entities. However, Telecom Egypt – ranking third  – is not entirely owned by the private sector since the government owns 70 percent of its shares.

Egypt’s government seeks to enhance the participation of the private sector in public investments from 30 percent to 65 percent within three years.

To achieve such a goal, Egypt passed the State Ownership Policy Document last year, determining the state’s presence in the economic sectors and identifying the sectors from which the government plans to withdraw, decrease, or increase its presence over the coming three years.

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