By Ed Attwood
As regional unrest takes its toll on Gulf bourses, we reveal the top 50 firms shrugging off the downturn
Stock markets across the Gulf may have faced a torrid time as a result of regional unrest, but the region’s 50 biggest listed companies by market capitalisation have coped resoundingly well amid the downturn.
The biggest company, by far, is again SABIC. The petrochemicals giant market cap is worth $86bn, an impressive 22 percent more than last year, and yet only 30 percent of its shares are listed on the Tadawul.
SABIC’s value dwarves those of the other firms in the top 10. In second place is Saudi Arabia’s Al Rajhi Bank, with a market cap of $30.5bn, slightly less than last year’s $31.6bn, reflecting a difficult year of provisioning for the kingdom’s banks.
In third place is the UAE’s Etisalat, with a market cap of $21.96bn, again slightly down from the $22.60bn recorded this time last year.
The big winner in the last 12 months appears to be Industries Qatar, which has jumped from seventh to fourth place, with its market cap rising by 8.5 percent to $21.47bn.
The highest new entry was Kingdom Holding, which is among the 20 largest listed companies in the Gulf, with a market cap of $9.09bn.