Special Report: Top 100 GCC Companies 2013
The Gulf’s largest companies by market capitalisation, revenues and countries, as researched by Markaz.
This year began on a positive note. A strong rebound in real estate, pick-up in tourism and the hotel industry and investors’ bullish bets on Q4 corporate earnings all contributed favourably to the upsurge in the GCC markets. Sustained high oil prices and expansive fiscal and accommodative monetary policies helped the market, with further positive news when the UAE and Qatar were upgraded to emerging market status in June.
THE ROAD AHEAD
Saudi Arabia, although having sound economic fundamentals, experienced a decline in liquidity in H1 2013, which is expected to rise for the rest of the year. Kuwait’s economic growth is expected to be driven by the non-hydrocarbon sector in the near future as oil production is at near full capacity. The UAE markets were the best performers in 2012 and H1 2013. Apart from MSCI upgrade, growth in the non-hydrocarbon sector, corporate earnings and market liquidity are also playing positives for the UAE and Qatar which would benefit from increasing investment and an MSCI upgrade.
| Company Name | Country | Market Cap ($BN) | 2013 | 2012 |
|---|---|---|---|---|
| Saudi Basic Industries Corp SJSC | Saudi Arabia | 74.99 | 1 | 1 |
| Qatar National Bank SAQ | Qatar | 34.02 | 2 | 3 |
| Al Rajhi Banking and Investment Corp SJSC | Saudi Arabia | 30.6 | 3 | 2 |
| Industries Qatar QSC | Qatar | 26.4 | 4 | 6 |
| Emirates Telecommunication Corp Ltd | UAE | 25.29 | 5 | 5 |
| Saudi Telecom Co SJSC | Saudi Arabia | 21.38 | 6 | 4 |
| Etihad Etisalat SJSC | Saudi Arabia | 17.3 | 7 | 11 |
| Kingdom Holding Co | Saudi Arabia | 17.29 | 8 | 12 |
| National Bank of Abu Dhabi PJSC | UAE | 15.3 | 9 | 17 |
| National Bank of Kuwait SAK | Kuwait | 14.68 | 10 | 7 |
| Saudi Electricity Co SJSC | Saudi Arabia | 14.55 | 11 | 9 |
| First Gulf Bank PJSC | UAE | 13.48 | 12 | 22 |
| DP World Ltd | UAE | 13.2 | 13 | 19 |
| Saudi Arabian Fertilizers Co JSC | Saudi Arabia | 12.93 | 14 | 10 |
| Samba Financial Group | Saudi Arabia | 12.72 | 15 | 13 |
| Ezdan Holding Group QSC | Qatar | 12.42 | 16 | 8 |
| Ooredoo QSC | Qatar | 12.3 | 17 | 15 |
| Saudi British Bank | Saudi Arabia | 10.75 | 18 | 18 |
| Mobile Telecommunications Co KSC | Kuwait | 10.37 | 19 | 14 |
| Riyad Bank SJSC | Saudi Arabia | 10.04 | 20 | 16 |
| Emaar Properties PJSC | UAE | 9.9 | 21 | 29 |
| Kuwait Finance House KSC | Kuwait | 9.87 | 22 | 23 |
| Almarai Co SJSC | Saudi Arabia | 8.91 | 23 | 24 |
| Yanbu National Petrochemical Co JSC | Saudi Arabia | 8.7 | 24 | 25 |
| Jabal Omar Development Co JSC | Saudi Arabia | 8.48 | 25 | 37 |
| Emirates Integrated Telecommunications Co PJSC | UAE | 8.35 | 26 | 40 |
| Banque Saudi Fransi | Saudi Arabia | 8.27 | 27 | 20 |
| Emirates NBD Bank PJSC | UAE | 8.17 | 28 | 39 |
| Abu Dhabi Commercial Bank PJSC | UAE | 8.1 | 29 | 33 |
| Arab National Bank | Saudi Arabia | 7.37 | 30 | 26 |
| Savola Group SJSC | Saudi Arabia | 7.1 | 31 | 35 |
| Saudi Arabian Mining Co | Saudi Arabia | 6.91 | 32 | 21 |
| Alinma Bank | Saudi Arabia | 5.92 | 33 | 32 |
| Masraf Al Rayan QSC | Qatar | 5.79 | 34 | 30 |
| Aldar Properties PJSC | UAE | 5.76 | 35 | N/A |
| Qatar Fuel QSC | Qatar | 4.78 | 36 | 51 |
| Commercial Bank of Qatar QSC | Qatar | 4.66 | 37 | 36 |
| National Industrialization Co JSC | Saudi Arabia | 4.6 | 38 | 27 |
| Qatar Electricity and Water Co QSC | Qatar | 4.5 | 39 | 44 |
| Saudi Kayan Petrochemical Co | Saudi Arabia | 4.5 | 40 | 28 |
| Qatar Islamic Bank SAQ | Qatar | 4.47 | 41 | 34 |
| Dubai Financial Market PJSC | UAE | 4.36 | 42 | 71 |
| Saudi Cement Co | Saudi Arabia | 4.29 | 43 | 42 |
| Boubyan Bank KSC | Kuwait | 4.02 | 44 | 43 |
| Saudi Hollandi Bank SJSC | Saudi Arabia | 3.99 | 45 | 55 |
| Southern Province Cement Co SJSC | Saudi Arabia | 3.85 | 46 | 45 |
| Gulf Bank KSC | Kuwait | 3.85 | 47 | 47 |
| Union National Bank PJSC | UAE | 3.78 | 48 | 76 |
| Fawaz Abdulaziz Alhokair Co | Saudi Arabia | 3.74 | 49 | 92 |
| Ahli United Bank BSC | Bahrain | 3.74 | 50 | 54 |
| Dubai Islamic Bank PJSC | UAE | 3.7 | 51 | 80 |
| Rabigh Refining and Petrochemical JSC | Saudi Arabia | 3.67 | 52 | 38 |
| National Mobile Telecommunications Co KSC | Kuwait | 3.66 | 53 | 41 |
| Doha Bank QSC | Qatar | 3.6 | 54 | 52 |
| Burgan Bank SAK | Kuwait | 3.49 | 55 | 58 |
| Saudi Investment Bank SJSC | Saudi Arabia | 3.47 | 56 | 68 |
| Ahli United Bank KSC | Kuwait | 3.4 | 57 | 46 |
| Jarir Marketing Co | Saudi Arabia | 3.36 | 58 | 65 |
| Bank Muscat SAOG | Oman | 3.29 | 59 | 56 |
| Saudi Industrial Investment Group | Saudi Arabia | 3.24 | 60 | 62 |
| Commercial Bank of Kuwait KSC | Kuwait | 3.23 | 61 | 48 |
| Kuwait Food Co SAK | Kuwait | 3.15 | 62 | 84 |
| Bank Albilad | Saudi Arabia | 3.14 | 63 | 69 |
| Makkah Construction and Development Company | Saudi Arabia | 3.13 | 64 | 85 |
| Dar Al Arkan Real Estate Development Co SJSC | Saudi Arabia | 3.12 | 65 | 59 |
| Oman Telecommunications Co SAOG | Oman | 3.09 | 66 | 60 |
| Abu Dhabi Islamic Bank PJSC | UAE | 3.08 | 67 | 77 |
| Yanbu Cement Co JSC | Saudi Arabia | 3.02 | 68 | 70 |
| National Bank of Ras Al Khaimah PSC | UAE | 3.01 | 69 | 93 |
| Mobile Telecommunications Company Saudi Arabia | Saudi Arabia | 2.92 | 70 | 50 |
| Al Ahli Bank of Kuwait KSC | Kuwait | 2.83 | 71 | 49 |
| National Petrochemical Co | Saudi Arabia | 2.82 | 72 | 64 |
| Barwa Real Estate Co QSC | Qatar | 2.81 | 73 | 53 |
| Qatar Gas Transport Co Ltd | Qatar | 2.77 | 74 | 66 |
| Agility Public Warehousing Co KSC | Kuwait | 2.75 | 75 | N/A |
| Yamamah Saudi Cement Co | Saudi Arabia | 2.74 | 76 | 63 |
| Al Tayyar Travel Group SJSC | Saudi Arabia | 2.73 | 77 | 100 |
| Kuwait Projects Company Holding KSCC | Kuwait | 2.72 | 78 | 88 |
| Saudi Airlines Catering Co | Saudi Arabia | 2.72 | 79 | 97 |
| Mabanee Co SAKC | Kuwait | 2.68 | 80 | 61 |
| Emaar The Economic City | Saudi Arabia | 2.63 | 81 | 72 |
| Bank Aljazira JSC | Saudi Arabia | 2.49 | 82 | 79 |
| Saudi International Petrochemical Co SJSC | Saudi Arabia | 2.4 | 83 | 82 |
| Qatar Navigation QSC | Qatar | 2.39 | 84 | 83 |
| Aamal Co QSC | Qatar | 2.36 | 85 | 67 |
| Mashreqbank PSC | UAE | 2.35 | 86 | 57 |
| Qatar International Islamic Bank QSC | Qatar | 2.25 | 87 | 75 |
| Commercial Bank of Dubai PSC | UAE | 2.22 | 88 | 96 |
| Abu Dhabi National Energy Co PJSC | UAE | 2.17 | 89 | 74 |
| Qatar Insurance Co SAQ | Qatar | 2.17 | 90 | 87 |
| Vodafone Qatar QSC | Qatar | 2.1 | 91 | 73 |
| United Development Co PSC | Qatar | 2.08 | 92 | 89 |
| Aluminium Bahrain BSC | Bahrain | 2.07 | 93 | 78 |
| Qassim Cement Co | Saudi Arabia | 2.03 | 94 | 81 |
| Gulf International Services QSC | Qatar | 1.95 | 95 | N/A |
| Arabtec Holding PJSC | UAE | 1.93 | 96 | N/A |
| Sahara Petrochemical Co | Saudi Arabia | 1.86 | 97 | 94 |
| Ahli Bank QSC | Qatar | 1.85 | 98 | 86 |
| Dubai Investment PJSC | UAE | 1.85 | 99 | N/A |
| Air Arabia PJSC | UAE | 1.77 | 100 | N/A |
