Record-breaking Market Capitalization: UAE’s Top 16 Companies Surpass AED 2.7 Trillion

As of January 2024, the combined value of the top 16 national companies listed on local exchanges was AED2.7 trillion. Due to planned market expansions and current valuations exceeding AED 3.6 trillion, it is expected that this amount will grow significantly and could potentially reach AED 6 trillion in the future.

Official data shows that these 16 listed companies accounted for approximately 74 percent, or AED 2.709 trillion, of the overall market capitalisation of the local stock markets, which was AED 3.656 trillion at the end of yesterday’s trading session.

International Holding Company (IHC) ranked first with a market capitalisation of over AED 897.5 billion, accounting for 24.5% of the local market capitalisation.

Abu Dhabi National Energy Company (Taqa) followed with a market capitalisation of over AED 369.9 billion, representing 10.1% of the market. ADNOC Gas LC had a market capitalisation of around AED 238.6 billion, making up 6.5% of the total market capitalisation. Alpha Dhabi Holding’s market value reached about AED 187.2 billion, equivalent to a 5.12% share.

Etisalat trailed behind with a market value of AED 169 billion, accounting for 4.62%. First Abu Dhabi Bank (FAB) held a market value of AED 153.3 billion, or 4.2%. Dubai Electricity and Water Authority (DEWA) had a market value of AED 124.5 billion, while Emirates NBD exceeded AED 110.5 billion.

The market value of Borouge was more than AED 74.5 billion, Emaar Properties AED 68.1 billion, Abu Dhabi Commercial Bank AED 64.6 billion, PureHealth Holdings AED 62 billion, ADNOC Drilling AED 60 billion, ADNOC Distribution AED 45.7 billion, Dubai Islamic Bank AED 41.7 billion, and Aldar Properties AED 41.6 billion.

The local stock markets saw a significant increase in their market value in the past year, mainly due to the strong and resilient national economy, as well as the positive performance of listed stocks, higher demand from international investors, and new companies being listed.

These new listings included ADNOC Gas, Presight AI, Al Ansari Financial Services, ADNOC Logistics, Dubai Taxi, Investcorp Capital, Phoenix Group, and PureHealth.

In the previous year of 2023, the combined value of publicly traded stocks increased by AED 444.5 billion, resulting in a total market capitalization of AED 3.651 trillion at the end of the year.

This amount was split between the Abu Dhabi Securities Exchange, which accounted for AED 2.963 trillion, and the Dubai Financial Market, which accounted for AED 687.5 billion.

(WAM)