Revealed: Top 10 companies in the UAE in 2017

Amid mixed results in the Gulf as a whole this year there has been some positive momentum in the UAE, with the Dubai Financial Market up 3 per cent in the first half.

Aircraft leasing company Dubai Aerospace Enterprise’s acquisition of Irish aircraft lessor AWAS Aviation Capital for $7bn was also the largest regional acquisition in the first half.

Down the road in Abu Dhabi, the stock exchange is hoping to fast track at least $5bn of listings by state-backed companies next year before Saudi Aramco’s planned $100bn IPO dominates investor demand in the region.

Like neighbouring Saudi Arabia, Abu Dhabi is restructuring its industrial sector to lure foreign investors with privatisations after lower energy prices left a dent in its coffers. This could result in at least five large listings, including Abu Dhabi National Oil Co’s (ADNOC) fuel distribution unit, aluminium-maker EGA, industrial conglomerate Senaat and Abu Dhabi Ports, with the potential to impact the ranking next year.

Read: ADNOC listing could raise up to $2.8bn

The emirate has also made headlines for its $10bn bond issuance in October, which was oversubscribed three times, despite tighter pricing, after riding high on robust liquidity post a successful $12.5bn issuance in Saudi Arabia in September. Abu Dhabi, which enjoys the strongest credit rating in the region, came to the bond market after a gap of 16 months to exploit the pent-up demand from yield hungry investors ahead of an expected rate hike from the US Federal Reserve in December.

Persistent low oil prices have led GCC governments to fast track reforms, both on the revenue and expenditure side. The introduction of VAT by the UAE in 2018 is an example of such structural changes made by governments that could impact companies next year.

TOP 10 UAE COMPANIES BY MARKET CAP
(By market capitalisation as of October 11, 2017. Source: Reuters Eikon, Markaz Research)

1. Emirates Telecommunications Group Co

Market capitalisation: $42.62bn
Sector: Telecommunications services

2. First Abu Dhabi Bank

Market capitalisation: $31.16bn
Sector: Banking and investment services

3. DP World Ltd

Market capitalisation: $18.43bn
Sector: Transportation

4. Emaar Properties

Market capitalisation: $16.96bn
Sector: Real estate

5. Nasdaq Inc

Market capitalisation: $12.61bn
Sector: Banking and investment services

6. Emirates NBD Bank

Market capitalisation: $12.48bn
Sector: Banking and investment services

7. Emirates Islamic Bank

Market capitalisation: $11.83bn
Sector: Banking and investment services

8. Abu Dhabi Commercial Bank

Market capitalisation: $10.36bn
Sector: Banking and investment services

9. Dubai Islamic Bank

Market capitalisation: $8.36bn
Sector: Banking and investment services

10. Emaar Malls

Market capitalisation: $8.04bn
Sector: Real estate

Read: Revealed: Top 10 companies in Bahrain in 2017

Read: Revealed: Top 10 companies in Kuwait in 2017