Combined value of top companies rises $213bn
The combined value of the top 150 listed companies in the GCC rose by $213 billion (Dh781.7bn) in the past one year to reach $916bn, according to a new survey.
Research for the annual Gulf Business Top 150 Listed Companies in the GCC, conducted for the magazine by Shuaa Capital, ranked companies based on their market capitalisation as of August 5.
According to the listing, Sabic remained the region's most-valuable listed company with a market capitalisation of $99bn, almost three times that of second-place Saudi Telecom Company (STC), which has retained its position for the fourth consecutive year.
Other companies that topped the list include Al Rajhi Bank (third – $32.4bn); etisalat (fourth – $31.8bn); Industries Qatar (fifth – $27.6bn); Zain (sixth – $27.2bn); Kuwait Finance House (seventh – $21.68bn); National Bank of Kuwait (eighth – $18.7bn); Emaar Properties (9th – $17.5bn); and Samba Financial Group (10th – $16.26bn).
The biggest gainer in this year's rankings was Dubai-based construction and engineering company Arabtec, which climbed 54 positions to take 82nd spot.
"The company seemed to benefit from a bulging backlog of projects, and a doubling in achieved profitability," according to the report's author, Walid Shihabi, Director - Head of Research at Shuaa Capital.
The UAE market made notable gains this year, with the 35 listed companies that entered the list representing around 23 per cent of the total, compared to 21 per cent last year.
Other UAE companies to gain positions in this year's survey include mortgage finance company Tamweel, and Abu Dhabi real estate firms Aldar Properties and Surouh Real Estate.
Saudi Arabia is followed by the UAE with 35 companies. Oman had the lowest number of companies making it to the list with just five listed companies.
The complete rankings and analysis is published in the September edition of Gulf Business magazine.
The numbers
$916bn: Is the combined value of the top 150 listed companies in the GCC, according to a study by Shuaa.
$99bn: Market capitalisation placed Sabic again on the top of the list.
82nd: Place was occupied by Arabtec, the biggest gainer this year.