The GCC has enjoyed a positive year so far in 2018, with its leading 100 companies contributing to some impressive market gains in what has been a time of great change for the region.

Widespread diversification, a fast-evolving tech landscape, socio-economic developments and global headwinds are among the challenges that private companies have had to navigate in recent months, by and large reacting with great success.

This has been reflected across a number of indices, including the S&P GCC index which registering a gain of 6.3 per cent up to mid-September, buoyed by a number of positive developments. Among these are the inclusion of Saudi Arabia and Kuwait in emerging market indices, strong reform momentum across Gulf states, and a continues recovery in oil prices.

Positive signs

The second half of 2018 started on a positive note for GCC stock markets, with Kuwait emerging as the top performer among its regional peers. The performance of these markets was attributed to the strong performance of banking stocks across the Gulf.

Despite the positive signs however, stock market liquidity in most GCC markets has deteriorated due to declining investor sentiments. Increased risk perception and a lack of new IPO issues continues to act as an impediment in a market that is largely dominated by retail participants.

The ranking of the Gulf’s top 100 companies by market cap has been created in association with Marmore MENA Intelligence

Company Name Country  Market Cap ($BN) 2018 2017
Saudi Basic Industries Corporation Saudi Arabia 95.18 1 1
Saudi Telecom Company Saudi Arabia 44.15 2 3
First Abu Dhabi Bank UAE 43.62 3 4
Emirates Telecommunications Group Co UAE 38.36 4 4
Al Rajhi Banking & Investment Corporation Saudi Arabia 36.18 5 5
National Commercial Bank Saudi Arabia 32.79 6 6
Saudi Electricity Company Saudi Arabia 18.89 7 7
National Bank of Kuwait Kuwait 16.94 8 11
DP World Ltd UAE 16.89 9 8
Saudi Arabian Mining Co Saudi Arabia 15.73 10 12
Samba Financial Group Saudi Arabia 15.49 11 16
Emirates Islamic Bank UAE 14.79 12 17
Almarai Co Saudi Arabia 14.05 13 16
Emirates NBD Bank UAE 13.88 14 15
Saudi British Bank Saudi Arabia 12.94 15 20
Riyad Bank Saudi Arabia 12.48 16 22
Kuwait Finance House Kuwait 12.36 17 18
Abu Dhabi Commercial Bank UAE 11.11 18 19
Yanbu National Petrochemicals Co Saudi Arabia 10.68 19 23
Banque Saudi Fransi Saudi Arabia 10.48 20 24
Emaar Properties UAE 9.63 21 9
Dubai Islamic Bank UAE 8.52 22 25
Jabal Omar Development Co Saudi Arabia 8.92 23 10
Arab National Saudi Arabia 8.75 24 32
Saudi Arabia Fertilizers Co Saudi Arabia 8.73 25 30
Kingdom Holdings Saudi Arabia 8.38 26 21
Abu Dhabi National Oil Company for Distribution UAE 8.34 27 N/A
Alinma Bank Saudi Arabia 8.02 28 N/A
Emaar Malls UAE 6.87 29 26
Mobile Telecommunications Company Kuwait 6.83 30 27
Saudi Kayan Petrochemical Co Saudi Arabia 6.68 31 42
Emirates Integrated Telecommunications Company UAE 6.39 32 29
Emaar Development UAE 5.96 33 N/A
Rabigh Refining and Petrochemical Co Saudi Arabia 5.37 34 51
Ahli United Bank Bahrain 5.34 35 34
Jarir Marketing Co Saudi Arabia 4.46 36 40
Agility Public Warehousing Co Kuwait 4.42 37 36
Alawwal Saudi Arabia 4.41 38 39
Boubyan Bank Kuwait 4.36 39 41
Savola Group Company Saudi Arabia 4.31 40 33
Aldar Properties UAE 4.15 41 35
Bank Albilad Saudi Arabia 3.79 42 48
Union National Bank UAE 3.75 43 45
Etihad Etisalat Co Saudi Arabia 3.65 44 47
Saudi Investment Bank Saudi Arabia 3.60 45 53
Makkah Construction and Development Co Saudi Arabia 3.56 46 37
Abu Dhabi Islamic Bank UAE 3.53 47 44
Damac Properties Dubai Co UAE 3.43 48 N/A
National Petrochemical Co Saudi Arabia 3.37 49 67
National Industrialization Company Saudi Arabia 3.30 50 57
Mashreq Bank UAE 3.29 51 38
National Shipping Company of Saudi Arabia Saudi Arabia 3.23 52 46
Saudi Industrial Investment Group Saudi Arabia 3.11 53 58
Bank Muscat Oman 3.06 54 54
Bank Aljazira Saudi Arabia 3.01 55 85
Commercial Bank of Kuwait Kuwait 3.01 56 69
Commercial Bank of Dubai UAE 2.98 57 50
Advanced Petrochemical Co Saudi Arabia 2.83 58 65
Dar Al Arkan Real Estate Development Company Saudi Arabia 2.66 59 77
Gulf Bank Kuwait 2.55 60 60
Aluminium Bahrain Bahrain 2.39 61 75
Dubai Investments UAE 2.28 62 52
National Bank of Bahrain Bahrain 2.21 63 68
Saudi Research and Marketing Group Saudi Arabia 2.21 64 98
Dana Gas UAE 2.20 65 90
Mouwasat Medical Services Co Saudi Arabia 2.19 66 71
Mabanee Company Kuwait 2.16 67 63
Emaar The Economic City Saudi Arabia 2.14 68 49
Dubai Financial Market UAE 2.13 69 62
Bupa Arabia for Cooperative Insurance Company Saudi Arabia 2.09 70 64
Sahara Petrochemical Co Saudi Arabia 2.00 71 87
National Bank of Ras Al Khaimah UAE 1.99 72 70
Ahli United Bank Kuwait 1.98 73 59
Saudi International Petrochemical Co Saudi Arabia 1.95 74 95
Saudi Airlines Catering Co Saudi Arabia 1.94 75 76
Boubyan Petrochemical Company Kuwait 1.92 76 N/A
Burgan Bank Kuwait 1.87 77 61
Abu Dhabi National Energy Company UAE 1.87 78 N/A
Orascom Construction UAE 1.78 79 N/A
Saudi Ground Service Saudi Arabia 1.77 80 72
Company for Cooperative Insurance Saudi Arabia 1.73 81 43
Saudi Cement Co Saudi Arabia 1.70 82 86
Aramex UAE 1.66 83 74
Oman Telecommunications Company Oman 1.63 84 58
Abdullah Al Othaim Markets Co Saudi Arabia 1.59 85 96
Al Ahli Bank of Kuwait Kuwait 1.57 86 81
GFH Financial Group Bahrain 1.42 87 84
Human Soft Holding Company Kuwait 1.35 88 80
Wahat Al Zaweya Investment & Real Estate Development UAE 1.29 89 N/A
National Mobile Telecommunications Co Kuwait 1.29 90 83
Fawaz Abdulaziz Alhokair Co Saudi Arabia 1.29 91 66
BBK Bahrain 1.26 92 N/A
Air Arabia UAE 1.26 93 92
National Bank of Umm Al Qaiwain UAE 1.26 94 97
Southern Province Cement Co Saudi Arabia 1.26 95 83
Arab Banking Corporation Bahrain 1.23 96 N/A
United Gulf Holding Company Bahrain 1.23 97 N/A
Al Tayyar Travel Group Holding Company Saudi Arabia 1.22 98 78
Qurain Petrochemical Industries Company Kuwait 1.21 99 N/A
Taiba Holding Co Saudi Arabia 1.20 100 88