Special Report: Top 100 GCC Companies 2013

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