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

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