Special Report: Top 100 GCC Companies 2014

The last year has been fabulous for GCC countries, with substantial fiscal surpluses and increased state spending ensuring healthy growth rates.

Overall GCC market liquidity level surged to $414 billion in the first half of 2014, an increase of 56 per cent over the equivalent period from previous year.

The highlights for the first half of this year were the upgrade to emerging status accorded to the UAE and Qatar markets, Saudi’s capital market authority announcing that Tadawul would be opened up to foreign institutional investors by 2015, and a record number and value of IPOs since 2008.

The road ahead

Following the successful upgrade of the UAE and Qatar markets into the MSCI Emerging Market Index, Saudi Arabia is vying for a similar upgrade. The announcement to allow foreign investor participation, albeit in a regulated manner, is seen as the first step in a bid to ramp up market reforms.

For the UAE, the preparations to host the World Expo 2020 should keep non-oil growth ticking, while Qatar has several on-going projects in roads, ports, rail, metro, real estate developments and a new central business district in Lusail, as part of its infrastructure build-up to the World Cup. In Kuwait, the ensuing political stability has increased optimism for a revival in investment cycle.

However, fluctuating oil prices would impact government spending, and will have a spillover effect on other sectors in the GCC region.

Company Name	Country	Market Cap ($BN)	2014	2013
Saudi Basic Industries Corp (SABIC)	Saudi Arabia	106.39	1	1
Saudi Telecom Co (STC)	Saudi Arabia	40.4	2	6
Qatar National Bank (QNB)	Qatar	37.19	3	2
Al Rajhi Banking and Investment Corp	Saudi Arabia	33.69	4	3
Industries Qatar	Qatar	31.55	5	4
Emirates Telecommunication Corp Ltd	UAE	24.86	6	5
Kingdom Holding Co	Saudi Arabia	23.57	7	8
Emaar Properties	UAE	21.74	8	21
Saudi Electricity Co (SEC)	Saudi Arabia	19.66	9	11
First Gulf Bank (FGB)	UAE	19.59	10	12
Etihad Etisalat	Saudi Arabia	18.68	11	7
Riyad Bank	Saudi Arabia	18.68	12	20
National Bank of Abu Dhabi (NBAD)	UAE	18.18	13	9
Saudi British Bank (SBB)	Saudi Arabia	17	14	18
National Bank of Kuwait (NBK)	Kuwait	16.87	15	10
Samba Financial Group	Saudi Arabia	16.32	16	15
DP World Ltd	UAE	16.02	17	13
Saudi Arabian Fertilizer Co	Saudi Arabia	14.82	18	14
Emirates NBD Bank	UAE	14.65	19	28
Ezdan Holding Group	Qatar	13.64	20	16
Banque Saudi Fransi	Saudi Arabia	13.08	21	27
Jabal Omar Development Co	Saudi Arabia	13.01	22	25
Almarai Co	Saudi Arabia	12.52	23	23
Kuwait Finance House (KFH)	Kuwait	12.33	24	22
Abu Dhabi Commercial Bank	UAE	12.19	25	29
Savola Group	Saudi Arabia	12.03	26	31
Yanbu National Petrochemical Co	Saudi Arabia	11.62	27	24
Mesaieed Petrochemical Holding Co	Qatar	11.56	28	N/A
Masraf Al Rayan	Qatar	11.39	29	34
Ooredoo	Qatar	10.78	30	17
Saudi Arabian Mining Co	Saudi Arabia	10.58	31	32
Alinma Bank	Saudi Arabia	10.04	32	33
Mobile Telecommunications Co	Kuwait	9.89	33	19
Arab National Bank	Saudi Arabia	9.63	34	30
Aldar Properties	UAE	8.58	35	35
Dubai Islamic Bank (DIB)	UAE	8.5	36	51
Rabigh Refining and Petrochemical	Saudi Arabia	8.18	37	52
Qatar Islamic Bank (QIB)	Qatar	7.54	38	41
Dubai Financial Market (DFM)	UAE	7.54	39	42
Emirates Integrated Telecommunications Co	UAE	7.31	40	26
Saudi Kayan Petrochemical Co	Saudi Arabia	6.96	41	40
National Industrialization Co	Saudi Arabia	6.96	42	38
Fawaz Abdulaziz Alhokair Co	Saudi Arabia	6.65	43	49
Saudi Hollandi Bank	Saudi Arabia	6.51	44	45
Mashreqbank	UAE	6.21	45	86
Gulf International Services	Qatar	5.97	46	95
Arabtec Holding	UAE	5.77	47	96
Qatar Electricity and Water Co	Qatar	5.62	48	39
Commercial Bank of Qatar	Qatar	5.62	49	37
Abu Dhabi Islamic Bank	UAE	5.55	50	67
Bank Albilad	Saudi Arabia	5.41	51	63
Al Tayyar Travel Group	Saudi Arabia	5.11	52	77
Qatar Fuel	Qatar	5.1	53	36
Saudi Industrial Investment Group	Saudi Arabia	5.09	54	60
Saudi Investment Bank	Saudi Arabia	5.07	55	56
Union National Bank	UAE	5.06	56	48
Jarir Marketing Co	Saudi Arabia	4.96	57	58
Vodafone Qatar	Qatar	4.93	58	91
Ahli United Bank	Bahrain	4.88	59	50
Saudi Cement Co	Saudi Arabia	4.81	60	43
Kuwait Food Co	Kuwait	4.52	61	62
Dar Al Arkan Real Estate Development Co	Saudi Arabia	4.52	62	65
National Bank of Ras Al Khaimah	UAE	4.52	63	69
National Petrochemical Co	Saudi Arabia	4.52	64	72
Qatar Insurance Co	Qatar	4.41	65	90
Southern Province Cement Co	Saudi Arabia	4.39	66	46
Doha Bank	Qatar	4.36	67	54
Barwa Real Estate Co	Qatar	4.31	68	73
Saudi Airlines Catering Co	Saudi Arabia	4.29	69	79
Emaar The Economic City	Saudi Arabia	4.22	70	81
Saudi International Petrochemical Co	Saudi Arabia	4.21	71	83
Bank Muscat	Oman	4.15	72	59
Bank Aljazira	Saudi Arabia	3.97	73	82
Dubai Investments	UAE	3.95	74	99
Commercial Bank of Dubai (CBD)	UAE	3.78	75	88
Kuwait Projects Company Holding	Kuwait	3.78	76	78
Makkah Construction and Development Co	Saudi Arabia	3.7	77	64
Qatar Gas Transport Co Ltd	Qatar	3.68	78	74
Commercial Bank of Kuwait (CBK)	Kuwait	3.67	79	61
Qatar International Islamic Bank	Qatar	3.63	80	87
Yamamah Saudi Cement Co	Saudi Arabia	3.59	81	76
Agility Public Warehousing Co	Kuwait	3.53	82	75
Boubyan Bank	Kuwait	3.52	83	44
Gulf Bank	Kuwait	3.47	84	47
National Shipping Company of Saudi Arabia	Saudi Arabia	3.46	85	N/A
Oman Telecommunications Co	Oman	3.43	86	66
Ahli United Bank	Kuwait	3.32	87	57
Yanbu Cement Co	Saudi Arabia	3.27	88	68
Burgan Bank	Kuwait	3.23	89	55
Mobile Telecommunications Company Saudi Arabia	Saudi Arabia	3.21	90	70
Sahara Petrochemical Co	Saudi Arabia	3.15	91	97
Qatar Navigation	Qatar	2.96	92	84
United Development Co	Qatar	2.84	93	92
Mabanee Co	Kuwait	2.7	94	80
Aamal Co	Qatar	2.68	95	85
National Mobile Telecommunications Co	Kuwait	2.62	96	53
Qassim Cement Co	Saudi Arabia	2.52	97	94
Al Ahli Bank of Kuwait	Kuwait	2.42	98	71
Ahli Bank	Qatar	2.4	99	98
Advanced Petrochemical Co	Saudi Arabia	2.39	100	N/A