Forbes Middle East has unveiled its annual ranking of the Top 50 Public Companies in Egypt, and this year’s list reflects the dynamic shifts in the country’s economic landscape. Two Women-Led firms among three new companies have joined the prestigious lineup for the first time since the list was launched in 2022, while one key industrial player made a notable return after a brief absence.
Together, the three newcomers generated a combined net profit of $113 million, with total assets surpassing $2.9 billion and a collective market capitalization of $873 million, based on April 2025 closing prices. These additions underscore the growing sectoral diversity and evolving strength of the Egyptian stock market.
Below, we spotlight the most significant new entries shaking up Egypt’s corporate elite.
Beltone Holding: From Struggles to Strategic Expansion
- Ranking: #32
- Sector: Financial Services
- CEO and Managing Director: Dalia Khorshid
- Market Cap: $456 million
- Sales: $146 million
- Net Profit (2024): $35 million
- Total Assets: $662 million
Marking its first-ever appearance on the Forbes Egypt 50 list, Beltone Holding lands at #32 following a dramatic turnaround that transformed years of underperformance into record profitability. Under the leadership of CEO Dalia Khorshid, Beltone has restructured its operations, implemented new governance policies, and optimized its portfolio of financial services subsidiaries.
The company multiplied its net profit 4.6 times year-over-year in 2024, and in April 2025, it finalized a $205.6 million capital increase—its second major equity boost in under two years.
Originally established in 2006, Beltone experienced ups and downs before a majority stake was acquired in 2022 by UAE-based Chimera Investments, now holding 56.5% as of mid-2025. Its comprehensive offerings span investment banking, asset management, brokerage, direct investment, leasing, factoring, microfinance, and more.
In a strategic move to diversify further, the firm launched “Robun”, a wholly-owned AI and data analytics subsidiary, in July 2025, aiming to empower businesses with advanced data solutions.
As a member of the Top 50 Women Forum, CEO Dalia Khorshid’s efforts earned her the #12 spot on Forbes Middle East’s 2025 list of the Most Powerful Businesswomen in the Middle East.
Maridive & Oil Services: Maritime Giant Makes a Comeback
- Ranking: #48
- Sector: Maritime & Oil Services
- Chairwoman: Shahira Zeid
- Market Cap: $114 million
- Sales: $210 million
- Net Profit (2024): $22 million
- Total Assets: $585 million
Maridive, a veteran in Egypt’s maritime oil services sector, made its first appearance on the Forbes Egypt 50 list this year, driven by a financial turnaround that brought it back into profitability in 2024.
Founded in 1978, Maridive had been struggling under the weight of accumulated losses exceeding $199 million, and a working capital deficit of $167 million as of December 2024. Despite these challenges, the company posted a net profit of $22 million, signaling a successful execution of its debt restructuring plan and improved operational efficiency.
Maridive boasts a fleet of 49 marine vessels, including multipurpose support ships, diving support vessels, tugs, fire-fighting boats, and offshore platform support ships. It provides a full suite of maritime logistics and offshore oil & gas services, ranging from pre-drilling support to platform supply and maintenance.
Chairwoman Shahira Zeid has been instrumental in steering the company back toward stability, balancing operational restructuring with capital discipline in a volatile sector.
Reflection of Egypt’s Sectoral Strength
The diversity of this year’s new entrants—from financial services to maritime oil logistics—speaks to the resilience and maturation of Egypt’s capital markets. With greater private sector participation, foreign investment inflows, and innovation across traditional industries, these new members of the Forbes Egypt 50 list represent a broader economic transformation.
