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The 5th Annual DS100 - Top 100 Companies ranking continues to benchmark the corporate environment of the 57 OIC (Organization of Islamic Conference) member countries.

With USD 1.21 trillion in total revenues, the 2008 DS100 list companies recorded a respectable 12.3% growth in revenue over the previous year (14.5%). The Fortune 100 global company revenues grew 12% in the same period.

Other fastest growing companies in the ranking included, Kazkommertsbank (107% growth, Kazakhstan), Boydak Holding (44% growth, Turkey - furniture, Other), Independent Petroleum Group (44% growth, Kuwait - energy), Kuwait Finance House (443% growth - finance), Pakistan State Oil (41% growth, energy), Ezz Steel (40%

growth, Egypt - steel manufacturing), and Iranian Mines – IMIDRO (39% growth - mining).

On the other hand, the construction sector suffered the biggest drop in this year’s ranking, with revenue growth of only 12% compared to 77% the previous year, with Emaar Properties (#49 in ranking, UAE) and Consolidated Contractors - CCC (#55 in ranking, Saudi Arabia) showing one of the sharpest drops.

Companies from 20 out of the 57 OIC member countries are on the DS100. The minimum threshold to be on the 2008 DS100 list was USD 2.29 billion in revenues.

Global Comparison

Globally, the DS100 Companies represent a mere 10.5% of the USD 11.5 trillion in revenues attributed to the global 100 companies from Fortune magazine's 2008 Global 500 list. This has remained unchanged from the previous year.

Petronas (Malaysia), SABIC (Saudi Arabia), and KOC Holding (Turkey) remain the only three DS100 companies also on the Fortune 500 Global list. Meanwhile, no brands from OIC member countries made it to the BW / Interbrand Top 100 Global Brand list.

As the global economy shrinks further, a review of the 3rd Quarter of 2008 revenues of the DS100 companies show some unexpected results.

Within the construction sector, Emaar Properties 3rd quarter 2008 numbers showed a -5% growth, whereas Orascom Construction (#98, Egypt) and Enka Holding (#43, Turkey) revenues were up 75% and 46% respectively driven by continued regional infrastructure project investments. Similarly, in other sectors, 3rd quarter 2008 was

positive for Erdemir (#68, Turkey – Iron & Steel) growing at 58% compared to the same period in 2007, Astra International (#32, Indonesia – diversified, auto) revenues in 3rd quarter were up by 45%, and Saudi Telecom (#23) revenues rose by 58%.

“...The construction sector suffered the biggest drop in this year’s ranking, with revenue growth of only 12% compared to 77% the previous year...”

Industry Breakdown

Saudi Aramco, the world's top oil producer, continues to lead the DS100 list as the largest business enterprise of the Muslim world, recording an estimated 8% rise in its revenues from the year before. This gain however, was below the 19% rise of the previous year.

After the energy sector, it's the diversified companies that represent the second largest sector on the list (20 of 100), with the Turkish family-owned conglomerates Koc Holding, and Sabanci Holding being the largest, followed by Sime Darby (Malaysia) and AstraInternational (Indonesia.)

The third largest sector represented is Financial services (17 of 100) with Turkish banks Ziraat Bank (#28), IsBank (#30), Akbank (#35), leading the list, followed by Malaysia’s Maybank Group (#52). Bank Melli Iran (#66), Kuwait Finance House (#81), and Al Rajhi Bank (#86 Saudi Arabia) are the leading full Islamic banks within the financial services sector.

The other major sectors represented are Basic Materials Manufacturing and Telecom Services, with

8 companies each.

Publicly Listed vs. Government and Private Companies

The 2008 DS100 list had 54 publicly traded firms from 13 countries compared to the

previous year's 57 firms from 13 countries.