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Czech Expo 2020 Business Council
January 10, 2016

Top 50 GCC companies in 2015

After the strong rally in the first half of 2014, Gulf Cooperation Council markets began a steady decline in the second half of 2014, continuing into the first half of this year.

Top 50 GCC companies in 2015

After the strong rally in the first half of 2014, Gulf Cooperation Council markets began a steady decline in the second half of 2014, continuing into the first half of this year.

Declining oil prices meant markets registered negative year-to-date returns as of September 30, 2015. Decreasing investor confidence, lower corporate earnings and the possibility of decreased government spending all impacted the market.

However, looking ahead, the positive impact of reforms in major economies – such as the opening of the stock market to foreign investors in Saudi Arabia and subsidies reform in the United Arab Emirates – outweigh the negative sentiments of investors due to the lower oil price.

The gross domestic product of the GCC countries is expected to grow at a compound annual growth rate of 7 per cent during the 2015 to 2020 period, according to the International Monetary Fund. Major infrastructure projects are underway in Qatar and the UAE for the FIFA World Cup 2022 and the Dubai World Expo 2020 respectively.

The recovery of markets in Kuwait and Saudi Arabia may be comparatively slower due to their higher dependence on hydrocarbon revenues. The creation of investor-friendly markets and continued diversification efforts will help improve the investment climate in the GCC.

Rank Company name Country Market cap (in billions ) Rank 2015 Rank 2014
1 Saudi Basic Industries Corp Saudi Arabia 62.40 1 1
2 Qatar National Bank Qatar 35.55 2 2
3 Emirates Telecommunication Corp Ltd United Arab Emirates 33.75 3 4
4 Saudi Telecom Co Saudi Arabia 33.60 4 3
5 National Commercial Bank Saudi Arabia 28.53 5 N/A
6 Al Rajhi Banking and Investment Corp Saudi Arabia 24.16 6 5
7 Industries Qatar Qatar 20.54 7 6
8 Saudi Electricity Co Saudi Arabia 18.28 8 8
9 Kingdom Holding Co Saudi Arabia 17.79 9 9
10 First Gulf Bank United Arab Emirates 17.03 10 10
11 DP World Ltd United Arab Emirates 16.21 11 7
12 Jabal Omar Development Co Saudi Arabia 16.05 12 11
13 Almarai Co Saudi Arabia 13.60 13 14
14 Ezdan Holding Group Qatar 13.59 14 13
15 National Bank of Abu Dhabi United Arab Emirates 13.55 15 12
16 National Bank of Kuwait Kuwait 13.52 16 17
17 Emirates NBD United Arab Emirates 13.36 17 15
18 Emaar Properties United Arab Emirates 12.58 18 16
19 Samba Financial Group Saudi Arabia 12.29 19 18
20 Abu Dhabi Commercial Bank United Arab Emirates 11.58 20 19
21 Riyad Bank Saudi Arabia 11.36 21 21
22 Saudi British Bank Saudi Arabia 11.04 22 20
23 Emaar Malls Group United Arab Emirates 10.95 23 N/A
24 Saudi Arabia Fertilizers Co Saudi Arabia 10.69 24 22
25 Banque Saudi Fransi Saudi Arabia 9.83 25 23
26 Saudi Arabian Mining Co Saudi Arabia 9.19 26 24
27 Kuwait Finance House Kuwait 9.00 27 25
28 Masraf Al Rayan Qatar 8.75 28 26
29 Savola Group Co Saudi Arabia 8.26 29 27
30 Qatar Islamic Bank Qatar 7.52 30 32
31 Arab National Bank Saudi Arabia 7.41 31 28
32 Dubai Islamic Bank United Arab Emirates 7.39 32 30
33 Mesaieed Petrochemical Holding Co Qatar 7.13 33 31
34 Alinma Bank Saudi Arabia 6.78 34 29
35 Ooredoo Qatar 6.69 35 36
36 Yanbu National Petrochemicals Co Saudi Arabia 6.43 36 33
37 Qatar Electricity and Water Co Qatar 6.40 37 34
38 Emirates Integrated Telecommunications Co United Arab Emirates 6.34 38 35
39 Etihad Etisalat Co Saudi Arabia 5.77 39 40
40 Mobile Telecommunications Co Kuwait 5.66 40 39
41 Mashreqbank United Arab Emirates 5.41 41 38
42 Saudi Hollandi Bank Saudi Arabia 5.17 42 37
43 Damac Properties Dubai Co United Arab Emirates 5.16 43 N/A
44 Aldar Properties United Arab Emirates 5.14 44 42
45 Commercial Bank Qatar 5.02 45 41
46 Commercial Bank of Dubai United Arab Emirates 4.90 46 44
47 Qatar Insurance Co Qatar 4.77 47 43
48 Barwa Real Estate Co Qatar 4.59 48 45
49 Union National Bank United Arab Emirates 4.57 49 47
50 Ahli United Bank Bahrain 4.49 50 46

(As of September 28, 2015. Source: Reuters Eikon, Markaz Research)