A newly published list of emerging market companies that have the potential to create global waves names three Gulf firms among the top 100.
Titled the 100 Global Challengers from emerging markets, the list includes Etihad Airways, Qatar Airways and Saudi Basic Industries Corporation (SABIC) among the 100 companies that have witnessed rapid overseas expansion in recent years. This growth has given them the power to reshape global industries and gain leadership status in the future. The list has been compiled by the Boston Consulting Group.
Egypt-based El Sewedy Electric has also been included in the list of global challengers.
These global firms, which are based in 17 countries, are spending an estimated USD 1.7 trillion every year to fuel growth and create opportunities in their business areas. In the past five years, these companies have created 1.4 million jobs. As a result, these companies are becoming household names all over the world and beating their counterparts in US and Europe.
According to David C Michael, co-author of the report and head of BCG’s globalization practice, “if ever there was a wake-up call for business leaders in the West, this is it. We have been monitoring the rise of global challenger companies for nearly a decade, and the ambition of these companies — what we call the accelerator mindset — has never been stronger.”
This is for the first time that companies based in Colombia and Qatar have become part of the list. In all, twenty-six companies are new to the list in 2013 and have overcome competition from firms in Brazil, Russia, India, and China. Although companies from these BRIC nations have faced obstacles in achieving global growth, 69 companies still feature on the BCG’s list.