The largest car renting and leasing company in the Middle East, United International Transportation Co. known as Budget Saudi, has been listed among the top companies in the Arab world by the Fortune 500 Arabia magazine.
Fortune 500 Arabia launched its inaugural list in 2023, becoming part of the global Fortune 500 lists that have been published by the magazine in the US since 1955.
This year’s inaugural edition includes the top 500 Arab companies from 22 Arab countries. These companies have been ranked by their collective revenues, which hit about $1.6 trillion in 2022, yielding a net profit of $343 billion. Private companies not listed on financial markets made up nine percent of the list.
Saudi Arabia led the list with the highest number of companies, accounting for 153 out of the 500 companies, or 30 percent. The UAE followed with 17 percent, then Egypt, Kuwait, and Qatar. While Saudi Arabian companies recorded the highest percentage of revenue and profits among the Fortune 500 companies, the UAE had the largest proportion of the top 100 profitable companies on the list.
Fawaz Abdullah Danish, president and group CEO, Budget Saudi, said: “Listing Budget Saudi among the Fortune 500 Arabia companies in the Arab world is a great honor for the organization. It is a testament to the consistent performance of the company over the years and the firm foundations on which it is being built for growth and diversification. We are committed to creating value for all stakeholders, customers, and partners in this journey. It augurs well for our company in its drive and passion to perform beyond expectations and contribute effectively to the larger vision of Saudi Arabia.”
Budget Saudi is Saudi Arabia’s premier short and long-term vehicle rental and leasing company, serving both retail and corporate clients. The enterprise was incorporated in 1978 and over the years has developed a reputation for excellence and dependability in the transportation industry. It is the first publicly traded automobile rental firm in Saudi Arabia and has internal QMS, EVS, and OHAS accredited to ISO 9001, 14001, and 45001 standards. The company has also been recognized as a “Great Place to Work” in Saudi Arabia.
With 33,000+ vehicles and a network of nearly 100 retail stations spread over 30 cities, Budget Saudi claims to have the largest rental and leasing network in the Middle East and North Africa. The company has received several accolades for its operations and management efficiency. It was awarded by the Global Economic Magazine in 2023 as the Best Vehicle Leasing Company and the Most Customer-Centric Car Rental Service Provider in Saudi Arabia, and the Best CEO of Logistics in Saudi Arabia in 2021.
Other accolades include the Global Leadership Award by Leaders International Magazine, and the 2023 Stevie Silver Award for the Sales Director of the Year. It has received five consecutive World Travel Awards, as well as the INSEAD Top 50 CEO award for publicly traded companies in the GCC.
Budget Saudi looks forward to focusing more on environment-friendly initiatives in the upcoming years. The business has already started taking action to conserve energy by introducing hybrid vehicles to its fleet. The company is also discussing the introduction of electric vehicles into its fleet, to achieve lower CO2 emissions.