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 NameCountry Market Cap ($BN)20182017
Saudi Basic Industries CorporationSaudi Arabia95.1811
Saudi Telecom CompanySaudi Arabia44.1523
First Abu Dhabi BankUAE43.6234
Emirates Telecommunications Group CoUAE38.3644
Al Rajhi Banking & Investment CorporationSaudi Arabia36.1855
National Commercial BankSaudi Arabia32.7966
Saudi Electricity CompanySaudi Arabia18.8977
National Bank of KuwaitKuwait16.94811
DP World LtdUAE16.8998
Saudi Arabian Mining CoSaudi Arabia15.731012
Samba Financial GroupSaudi Arabia15.491116
Emirates Islamic BankUAE14.791217
Almarai CoSaudi Arabia14.051316
Emirates NBD BankUAE13.881415
Saudi British BankSaudi Arabia12.941520
Riyad BankSaudi Arabia12.481622
Kuwait Finance HouseKuwait12.361718
Abu Dhabi Commercial BankUAE11.111819
Yanbu National Petrochemicals CoSaudi Arabia10.681923
Banque Saudi FransiSaudi Arabia10.482024
Emaar PropertiesUAE9.63219
Dubai Islamic BankUAE8.522225
Jabal Omar Development CoSaudi Arabia8.922310
Arab NationalSaudi Arabia8.752432
Saudi Arabia Fertilizers CoSaudi Arabia8.732530
Kingdom HoldingsSaudi Arabia8.382621
Abu Dhabi National Oil Company for DistributionUAE8.3427N/A
Alinma BankSaudi Arabia8.0228N/A
Emaar MallsUAE6.872926
Mobile Telecommunications CompanyKuwait6.833027
Saudi Kayan Petrochemical CoSaudi Arabia6.683142
Emirates Integrated Telecommunications CompanyUAE6.393229
Emaar DevelopmentUAE5.9633N/A
Rabigh Refining and Petrochemical CoSaudi Arabia5.373451
Ahli United BankBahrain5.343534
Jarir Marketing CoSaudi Arabia4.463640
Agility Public Warehousing CoKuwait4.423736
AlawwalSaudi Arabia4.413839
Boubyan BankKuwait4.363941
Savola Group CompanySaudi Arabia4.314033
Aldar PropertiesUAE4.154135
Bank AlbiladSaudi Arabia3.794248
Union National BankUAE3.754345
Etihad Etisalat CoSaudi Arabia3.654447
Saudi Investment BankSaudi Arabia3.604553
Makkah Construction and Development CoSaudi Arabia3.564637
Abu Dhabi Islamic BankUAE3.534744
Damac Properties Dubai CoUAE3.4348N/A
National Petrochemical CoSaudi Arabia3.374967
National Industrialization CompanySaudi Arabia3.305057
Mashreq BankUAE3.295138
National Shipping Company of Saudi ArabiaSaudi Arabia3.235246
Saudi Industrial Investment GroupSaudi Arabia3.115358
Bank MuscatOman3.065454
Bank AljaziraSaudi Arabia3.015585
Commercial Bank of KuwaitKuwait3.015669
Commercial Bank of DubaiUAE2.985750
Advanced Petrochemical CoSaudi Arabia2.835865
Dar Al Arkan Real Estate Development CompanySaudi Arabia2.665977
Gulf BankKuwait2.556060
Aluminium BahrainBahrain2.396175
Dubai InvestmentsUAE2.286252
National Bank of BahrainBahrain2.216368
Saudi Research and Marketing GroupSaudi Arabia2.216498
Dana GasUAE2.206590
Mouwasat Medical Services CoSaudi Arabia2.196671
Mabanee CompanyKuwait2.166763
Emaar The Economic CitySaudi Arabia2.146849
Dubai Financial MarketUAE2.136962
Bupa Arabia for Cooperative Insurance CompanySaudi Arabia2.097064
Sahara Petrochemical CoSaudi Arabia2.007187
National Bank of Ras Al KhaimahUAE1.997270
Ahli United BankKuwait1.987359
Saudi International Petrochemical CoSaudi Arabia1.957495
Saudi Airlines Catering CoSaudi Arabia1.947576
Boubyan Petrochemical CompanyKuwait1.9276N/A
Burgan BankKuwait1.877761
Abu Dhabi National Energy CompanyUAE1.8778N/A
Orascom ConstructionUAE1.7879N/A
Saudi Ground ServiceSaudi Arabia1.778072
Company for Cooperative InsuranceSaudi Arabia1.738143
Saudi Cement CoSaudi Arabia1.708286
AramexUAE1.668374
Oman Telecommunications CompanyOman1.638458
Abdullah Al Othaim Markets CoSaudi Arabia1.598596
Al Ahli Bank of KuwaitKuwait1.578681
GFH Financial GroupBahrain1.428784
Human Soft Holding CompanyKuwait1.358880
Wahat Al Zaweya Investment & Real Estate DevelopmentUAE1.2989N/A
National Mobile Telecommunications CoKuwait1.299083
Fawaz Abdulaziz Alhokair CoSaudi Arabia1.299166
BBKBahrain1.2692N/A
Air ArabiaUAE1.269392
National Bank of Umm Al QaiwainUAE1.269497
Southern Province Cement CoSaudi Arabia1.269583
Arab Banking CorporationBahrain1.2396N/A
United Gulf Holding CompanyBahrain1.2397N/A
Al Tayyar Travel Group Holding CompanySaudi Arabia1.229878
Qurain Petrochemical Industries CompanyKuwait1.2199N/A
Taiba Holding CoSaudi Arabia1.2010088