UAE market cap soars as top 16 national companies hit AED 2.7 trillion

As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on local exchanges stood at AED2.7 trillion. Driven by planned market expansions and existing valuations exceeding AED 3.6 trillion, this figure is anticipated to experience significant growth, potentially reaching AED 6 trillion in the coming years.

According to official figures, 16 listed companies accounted for about 74 per cent, or AED 2.709 trillion, of the total market capitalisation of the local stock markets, which was AED 3.656 trillion at the close of trading yesterday.

International Holding Company (IHC) came in first place with a market capitalisation of more than AED 897.5 billion, equivalent to 24.5 per cent of the market capitalisation of the local markets, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than AED 369.9 billion and a share of 10.1 per cent; then ADNOC Gas LC with about AED 238.6 billion, representing 6.5 per cent of the total market capitalisation of the local markets.

The market value of Alpha Dhabi Holding reached about AED 187.2 billion, equivalent to a share of about 5.12 per cent, followed by Etisalat by e with a market value of AED 169 billion and a share of 4.62 per cent; then First Abu Dhabi Bank (FAB) with AED 153.3 billion in market value, equivalent to 4.2 per cent; then Dubai Electricity and Water Authority (DEWA) with AED 124.5 billion; and Emirates NBD with more than AED 110.5 billion.

The market value of Borouge amounted to more than AED 74.5 billion; Emaar Properties AED 68.1 billion; Abu Dhabi Commercial Bank AED 64.6 billion; PureHealth Holdings AED 62 billion; ADNOC Drilling AED60 billion; ADNOC Distribution AED 45.7 billion; Dubai Islamic Bank AED41.7 billion; and Aldar Properties AED 41.6 billion.

The market value of the local stock markets significantly strengthened in the past year, primarily supported by the strength and resilience of the national economy, along with strong gains by listed stocks, increased demand from international investors, and new listings. The new listings included ADNOC Gas, Presight AI, Al Ansari Financial Services, ADNOC Logistics, Dubai Taxi, Investcorp Capital, Phoenix Group, and PureHealth.

The market value of listed stocks gained over AED 444.5 billion in the past year of 2023, increasing the market capitalisation from AED 3.206 trillion at the end of 2022 to AED 3.651 trillion by the end of 2023, distributed as AED 2.963 trillion for the Abu Dhabi Securities Exchange and AED 687.5 billion for the Dubai Financial Market.