Top 50 Middle East companies by market cap in 2024

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1706
Top companies in MENA

The GCC dominates the top 50 list dominant by Saudi Arabia and it’s flagship company Aramco followed by UAE being second on the list.

1.
Company Name: Saudi Aramco
International Rank: #5
Market Cap: $1.936 T
Categories: Oil/ Gas/Energy
Country: Saudi Arabia

Founded on May 29, 1933, as California-Arabian Standard Oil, Saudi Aramco has grown into the world’s largest oil producer. Based in Saudi Arabia and ranking fifth internationally with a market capitalization of $1.936 trillion, Aramco not only dominates the oil and gas sector but also has significant stakes in refining and petrochemical industries across Asia. The company’s strategic investments include a $12.4 billion infrastructure deal involving a global investor consortium that acquired a 49% stake in Aramco Oil Pipelines Company. Aramco’s industrial investment program, Aramco Namaat, focuses on sustainability, technology, and advanced materials, enhancing its leading role in the global energy landscape.

2.
Company Name: International Holding Company
International Rank: #44
Market Cap: $238.62 B
Categories: Investment / Conglomerate
Country: U.A.E

With its inception on November 23, 1998, in Abu Dhabi, UAE, International Holding Company (IHC) has emerged as a powerful conglomerate, ranking 44th globally with a market cap of $238.62 billion. The company’s diversified portfolio includes significant interests in sectors ranging from food and beverage to healthcare and real estate. The Royal Group holds a controlling 61% stake, reflecting strong domestic backing. IHC’s recent ventures include a $400 million investment in Adani Enterprises and ongoing strategic investments aimed at portfolio enhancement.

3.
Company Name: TAQA
International Rank: #162
Market Cap: $91.54 B
Categories: Oil/ Gas/ Electricity/ Utility companies/ Energy
Country: U.A.E

The Abu Dhabi National Energy Company, known as TAQA (founded in 2005), plays a pivotal role in supporting the economic strategy of Abu Dhabi, UAE. With a robust mix of government and private investors, and a market cap of $91.54 billion, TAQA stands out in the utility and energy sectors. Its notable projects include partnerships in the Juranah Independent Water Reservoir and the Shuweihart 4 Reverse Osmosis Seawater Desalination project, underlining its integral role in regional energy services.

4.
Company Name: Al Rajhi Bank
International Rank: #179
Market Cap: $85.99 B
Categories: Banks/ Financial services
Country: Saudi Arabia

Founded in 1957 and based in Saudi Arabia, Al Rajhi Bank is one of the largest Islamic banks globally, with a focus on adhering to Islamic banking principles. With a workforce of over 9,600 and assets worth $88 billion, the bank’s market cap stands at $85.99 billion. Its comprehensive services span various financial sectors, emphasizing retail banking and wealth management, supported by the Al Rajhi family and listed on the Saudi Stock Exchange.

5.
Company Name: ACWA POWER Company
International Rank: #179
Market Cap: $81.24 B
Categories: Electricity/ Utility companies/ Energy
Country: Saudi Arabia

ACWA Power, established in 2004 in Saudi Arabia, specializes in power generation and water desalination with a portfolio value of $82.8 billion. The company, with a market cap of $81.24 billion, plays a crucial role in developing sustainable energy solutions across the region, partnering with key global and regional entities like the European Bank for Reconstruction and Development and the Oman Investment Authority.

6.
Company Name: SABIC
International Rank: #272
Market Cap: $65.69 B
Categories: Chemicals
Country: Saudi Arabia

Saudi Basic Industries Corporation (SABIC), founded in 1976 and with a market cap of $65.69 billion, is a global powerhouse in the chemical manufacturing industry. Owned predominantly by Saudi Aramco, SABIC partners with industry leaders like ExxonMobil Chemical and uses cutting-edge technology from Linde and BASF, highlighting its commitment to innovation and global expansion.

7.
Company Name: ADNOC Gas
International Rank: #274
Market Cap: $64.78 B
Categories: Oil/ Gas/ Energy
Country: U.A.E

The Abu Dhabi National Oil Company, or ADNOC, established in 1971, has evolved into a key player in the UAE’s oil and gas industry, with diverse international investments and partnerships with giants like Total and ExxonMobil. With a market cap of $64.78 billion, ADNOC continues to expand its influence through strategic collaborations and significant investments in infrastructure and technology.

These companies, with their diverse strategies and expansive reach, not only dominate their respective sectors but also contribute significantly to their national economies, showcasing the strength and potential of global business in dynamic markets.

8.
Company Name: The Saudi National Bank
International Rank: #302
Market Cap: $59.61 B
Categories: Banks/ Financial services
Country: Saudi Arabia

Established on December 26, 1953, in Jeddah, Saudi Arabia, The Saudi National Bank (SNB) has grown to become the largest commercial bank in the country. With a market capitalization of $59.61 billion, SNB is a key player in the financial services sector, supported by a significant 38% ownership by the Public Investment Fund. SNB’s strategic approach includes partnerships with major institutions like the Future Investment Initiative, aiming to enhance its asset management and investment banking divisions.

9.
Company Name: Maaden
International Rank: #343
Market Cap: $52.58 B
Categories: Mining
Country: Saudi Arabia

The Saudi Arabian Mining Company, or Maaden, was founded on March 23, 1997, to facilitate the exploitation of Saudi Arabia’s rich mineral resources. Holding a market cap of $52.58 billion, Maaden is a cornerstone of the Saudi mining industry. The company’s major shareholder, the Public Investment Fund, owns 65.44% of the shares, underlining the government’s commitment to resource development. Maaden’s partnerships with global entities like Alcoa and Barrick Gold underscore its significant role in international mining.

10.
Company Name: Saudi Telecom Company
International Rank: #355
Market Cap: $51.18 B
Categories: Telecommunication
Country: Saudi Arabia

Founded on April 21, 1998, Saudi Telecom Company (STC) provides comprehensive telecommunications services across Saudi Arabia and beyond. With a market cap of $51.18 billion, STC is the major telecommunication leader in the region, with the Public Investment Fund holding a substantial 64% stake. STC’s strategic investments include collaborations with Western Union and acquisitions like Altice Portugal, highlighting its commitment to expanding its digital and telecommunication services globally.

11.
Company Name: Emirates Telecom (Etisalat Group)
International Rank: #437
Market Cap: $42.34 B
Categories: Telecommunication
Country: U.A.E

Emirates Telecom Group, operating as Etisalat by e&, was established on October 5, 1976, and has become a leading force in the telecommunication sector. With a market cap of $42.34 billion, it ranks as the 18th largest mobile network operator globally. The Emirates Investment Authority holds a controlling stake, emphasizing the strategic importance of telecommunications in the UAE’s economic framework. Etisalat’s expansive portfolio includes joint ventures with global giants like Deutsche Telekom and investments in cutting-edge tech companies.

12.
Company Name: Alpha Dhabi
International Rank: #451
Market Cap: $41.44 B
Categories: Conglomerate
Country: U.A.E

Founded on June 5, 2013, Alpha Dhabi Holding has quickly established itself as a key player in the UAE’s construction and investment sectors. With a market cap of $41.44 billion, the company engages in high-impact projects across multiple domains, including healthcare and hospitality. The strategic divestment of a 49% stake in Alpha Dhabi Construction Holding to ADQ solidifies its position as a leader in fostering the Emirates’ growth.

13.
Company Name: First Abu Dhabi Bank
International Rank: #488
Market Cap: $38.92 B
Categories: Banks/ Financial services
Country: U.A.E

Established on February 13, 1968, First Abu Dhabi Bank (FAB) is the largest bank in the UAE by assets, with a market cap of $38.92 billion. The bank’s diverse operations cover everything from corporate banking to wealth management, backed by major investors like Mubadala Investment Company. FAB’s partnerships with Microsoft and Mastercard highlight its forward-thinking approach to banking and digital transformation.

14.
Company Name: Kuwait Finance House
International Rank: #512
Market Cap: $38.28 B
Categories: Banks/ Financial services
Country: Kuwait

Founded in 1977, Kuwait Finance House (KFH) is a pioneer in Islamic banking, providing financial services according to Sharia principles across multiple countries, including Kuwait, Bahrain, and Saudi Arabia. With a market cap of $38.28 billion, KFH is committed to delivering comprehensive financial products that meet the needs of its diverse clientele. The Kuwait Investment Authority is among its largest shareholders, underscoring the importance of KFH’s role in the Islamic banking sector.

15.
Company Name: QNB (Qatar National Bank)
International Rank: #537
Market Cap: $36.15
Categories: Banks/ Financial services
Country: Qatar

Qatar National Bank (QNB) was established in 1964 and has grown to be the largest bank in the Middle East and North Africa region, with a market cap of $36.15 billion. Its significant global presence is bolstered by acquiring stakes in banks across Turkey, Egypt, and other regions, demonstrating its aggressive expansion strategy. QNB’s ownership structure, shared between the Qatar Investment Authority and the public, facilitates a strong base for further international and regional growth.

 

16.
Company Name: Dubai Electricity and Water Authority (DEWA)
International Rank: #579
Market Cap: $32.40 B
Categories: Electricity/ Utility companies/ Energy
Country: U.A.E

Dubai Electricity and Water Authority (DEWA), formed by the merger of the Dubai Electricity Company and the Dubai Water Department in 1959, has been pivotal in providing Dubai’s energy and water needs. With a market cap of $32.40 billion, DEWA operates under the strategic partnership of high-profile entities such as Siemens and Microsoft, highlighting its commitment to innovation and sustainable development.

17.
Company Name: Invest Bank
International Rank: #583
Market Cap: $32.24 B
Categories: Banks/ Financial services
Country: U.A.E

Founded in 1975, Invest Bank in Sharjah, UAE, focuses on providing innovative financial services tailored to its customer’s needs. The market cap of $32.24 billion reflects its robust position in the market, supported by a significant 88.1% ownership by the Emirate of Sharjah. Invest Bank’s partnerships with entities like Emirates Post underscore its strategic initiatives to enhance customer service and expand its market reach.

18.
Company Name: Dr. Sulaiman Al Habib Medical Services Group Company
International Rank: #630
Market Cap: $29.79 B
Categories: Healthcare/ Medical Care Facilities
Country: Saudi Arabia

Established in 1993, Dr. Sulaiman Al Habib Medical Services Group is a premier provider of healthcare in the Middle East, managing 20 medical facilities across Saudi Arabia, Bahrain, and the UAE. With a market cap of $29.79 billion, it is set to further impact the region through the development of the first private medical city in Saudi Arabia. This initiative represents a significant investment in health and wellness, reinforcing the Group’s commitment to enhancing healthcare standards.

19.
Company Name: Emirates NBD Bank PJSC
International Rank: #653
Market Cap: $29.06 B
Categories: Banks/ Financial services
Country: U.A.E

Emirates NBD Bank, founded on March 6, 2007, and headquartered in Dubai, UAE, represents one of the largest banking groups in the Middle East, with a market cap of $29.06 billion. As a leader in digital banking, Emirates NBD has embraced technology to handle over 90% of its transactions online, showcasing its commitment to digital transformation and customer service excellence.

20.
Company Name: Saudi Electricity
International Rank: #655
Market Cap: $21.98 B
Categories: Electricity/ Energy
Country: Saudi Arabia

Founded in 2000, Saudi Electricity Company (SEC) is the primary provider of electricity services in Saudi Arabia, with a market cap of $21.98 billion. The company plays a crucial role in the Kingdom’s infrastructure, operating across generation, transmission, and distribution sectors. The Public Investment Fund and Saudi Aramco are major shareholders, emphasizing the strategic importance of SEC in Saudi Arabia’s long-term energy plans.

21.
Company Name: The Saudi British Bank
International Rank: #660
Market Cap: $21.92 B
Categories: Banks/ Financial services
Country: Saudi Arabia

Established in 1978, The Saudi British Bank (SABB) is a prominent financial institution in Saudi Arabia, with a market cap of $21.92 billion. SABB offers a comprehensive range of financial services to its retail and corporate clients and is strategically aligned with global banking group HSBC, reflecting its strong international connections and expertise in the financial sector.

22.
Company Name: QNB Finansbank
International Rank: #664
Market Cap: $28.30 B
Categories: Banks/ Financial services
Country: Turkey

QNB Finansbank, established in 1987 in Istanbul, Turkey, and acquired by Qatar National Bank in 2016, has a market cap of $28.30 billion. The bank serves a wide range of customers with its extensive services in retail, corporate, and commercial banking, emphasizing QNB’s commitment to expanding its footprint in the European and Middle Eastern markets.

23
Company Name: National Bank of Kuwait
International Rank: #829
Market Cap: $22.83 B
Categories: Banks/ Financial services
Country: Kuwait

The National Bank of Kuwait, founded in 1952, is the largest financial institution in Kuwait, with a market cap of $22.83 billion. It offers a diverse array of financial services across the Middle East and is a testament to the stability and strength of Kuwait’s financial sector.

24.
Company Name: Riyad Bank
International Rank: #822
Market Cap: $22.44 B
Categories: Banks/ Financial services
Country: Saudi Arabia

Founded in 1957, Riyad Bank is one of the largest financial institutions in Saudi Arabia, with a market cap of $22.44 billion. The bank enjoys substantial government and public support, allowing it to maintain a strong position in the Saudi financial market and contribute significantly to the economic development of the region.

25.
Company Name: Alinma Bank
International Rank: #830
Market Cap: $22.18 B
Categories: Banks/ Financial services
Country: Saudi Arabia

Alinma Bank, established in 2006, operates under full compliance with Islamic banking principles and has quickly risen to prominence in the Saudi financial sector, with a market cap of $22.18 billion. The bank’s focus on providing Sharia-compliant financial products and services demonstrates its commitment to ethical banking practices.

26.
Company Name: Industries Qatar
International Rank: #896
Market Cap: $20.36 B
Categories: Chemicals/ Conglomerate
Country: Qatar

Industries Qatar, founded in 2003, is a conglomerate with interests in the petrochemicals, fertilizers, and steel industries, with a market cap of $20.36 billion. It plays a significant role in the Gulf region’s industrial sector, reflecting Qatar’s strategic diversification efforts away from traditional oil-based revenues.

27.
Company Name: Emaar Properties
International Rank: #905
Market Cap: $20.12 B
Categories: Real estate
Country: U.A.E

Emaar Properties, established in 1997 in Dubai, UAE, has become synonymous with high-profile real estate and development projects, including the iconic Burj Khalifa. With a market cap of $20.12 billion, Emaar continues to be a key player in the global real estate market, driving innovation and luxury in urban living.

28.
Company Name: Borouge
International Rank: #911
Market Cap: $19.88 B
Categories: Chemicals
Country: U.A.E

Founded in 1998, Borouge is a joint venture between the Abu Dhabi National Oil Company and Austria’s Borealis. With a market cap of $19.88 billion, Borouge utilizes advanced technology to produce innovative polyolefin solutions for the agriculture, infrastructure, energy, and advanced packaging sectors.

29.
Company Name: Elm Company
International Rank: #945
Market Cap: $19.41 B
Categories: Investment
Country: Saudi Arabia

Founded in 1988, Elm Company focuses on investment and technology solutions, with a strong emphasis on supporting public and private sector projects in Saudi Arabia. With a market cap of $19.41 billion, Elm plays a critical role in the Kingdom’s push towards digitalization and efficiency in various sectors.

30.
Company Name: ADNOC Drilling Company
International Rank: #1055
Market Cap: $16.99 B
Categories: Oil/ Gas/ Energy
Country: U.A.E

ADNOC Drilling Company, a subsidiary of the Abu Dhabi National Oil Company, was established in 1972 and focuses on providing comprehensive drilling and well construction services. With a market cap of $16.99 billion, it supports the UAE’s strategic energy goals by enhancing drilling capacities and efficiencies across both onshore and offshore sectors.

31.
Company Name: Koç Holding
International Rank: #1055
Market Cap: $16.92 B
Categories: Conglomerate
Country: Turkey

Founded in 1963 by Vehbi Koç, Koç Holding has emerged as Turkey’s largest industrial conglomerate, with a market cap of $16.92 billion. This Fortune Global 500 company has extensive operations spanning various sectors, including automotive, energy, and consumer goods, playing a pivotal role in Turkey’s economic landscape.

32.
Company Name: Abu Dhabi Commercial Bank (ADCB)
International Rank: #1074
Market Cap: $16.54 B
Categories: Banks/ Financial services
Country: U.A.E

Abu Dhabi Commercial Bank (ADCB), established in 1985, is one of the UAE’s premier banks with a market cap of $16.54 billion. Owned predominantly by the government of Abu Dhabi, ADCB offers a broad range of financial services and plays a crucial role in the economic development of the UAE.

33.
Company Name: Q Holding
International Rank: #1255
Market Cap: $13.66 B
Categories: Investment
Country: U.A.E

Q Holding, founded in 2005, is focused on propelling economic development by investing in a variety of sectors, including real estate, hospitality, and healthcare. With a market cap of $13.66 billion, it is instrumental in driving the UAE’s growth through strategic investments and partnerships.

34.
Company Name: Turkish Airlines
International Rank: #1339
Market Cap: $12.54 B
Categories: Airlines/ Travel/ Transportation
Country: Turkey

Established in 1933, Turkish Airlines is the national flag carrier of Turkey and one of the largest airlines in the world by international destinations served. With a market cap of $12.54 billion, it plays a key role in connecting Turkey with the rest of the world, promoting both tourism and trade.

35.
Company Name: Ford Otosan
International Rank: #1360
Market Cap: $12.07 B
Categories: Automakers / Manufacturing
Country: Turkey

Ford Otosan, a joint venture between Ford Motor Company and Koç Holding, was founded in 1959 in Turkey. With a market cap of $12.07 billion, it is a leading player in the automotive industry, producing a range of vehicles including the popular Transit and Courier models.

36.
Company Name: Qatar Islamic Bank
International Rank: #1377
Market Cap: $11.98 B
Categories: Banks/ Financial services
Country: Qatar

Founded in 1982, Qatar Islamic Bank is the largest Islamic financial institution in Qatar, adhering strictly to Islamic finance principles. With a market cap of $11.98 billion, it offers a wide array of services that cater to the financial needs of its diverse clientele.

37.
Company Name: Türkiye Petrol Rafinerileri
International Rank: #1487
Market Cap: $11.05 B
Categories: Oil/ Gas/ Energy
Country: Turkey

Türkiye Petrol Rafinerileri, or Tüpraş, founded in 1983, is Turkey’s largest oil refiner with a market cap of $11.05 billion. It plays a critical role in the country’s energy sector, refining a significant portion of Turkey’s oil and contributing to the energy security of the region.

38.
Company Name: Ahli United Bank
International Rank: #1512
Market Cap: $10.86 B
Categories: Banks/ Financial services
Country: Bahrain

Founded in 2000 and headquartered in Bahrain, Ahli United Bank serves as a major financial institution offering a range of banking and financial services across the Middle East. With a market cap of $10.86 billion, it is a key player in promoting economic growth and financial inclusion in the region.

39.
Company Name: Türkiye Is Bankasi
International Rank: #1603
Market Cap: $9.94 B
Categories: Banks/ Financial services
Country: Turkey

Established in 1924, Türkiye Is Bankasi is Turkey’s first national bank and remains one of its largest. With a market cap of $9.94 billion, it offers a comprehensive range of financial products and services, playing a vital role in Turkey’s financial sector and economic development.

40.
Company Name: GarantiBank
International Rank: #1639
Market Cap: $9.53 B
Categories: Banks/ Financial services
Country: Turkey

Founded on April 11, 1946, GarantiBank, also known as Garanti BBVA following its majority acquisition by Banco Bilbao Vizcaya Argentaria, stands as Turkey’s second-largest private bank. With a market cap of $9.53 billion, GarantiBank is renowned for its robust service range including banking, loans, investment products, and digital banking solutions, reinforcing its position as a leader in financial innovation and customer service in the region.

41.
Company Name: Akbank
International Rank: #1715
Market Cap: $8.97 B
Categories: Banks/ Financial services
Country: Turkey

Akbank, founded on January 30, 1948, in Adana, Turkey, has grown to become one of the largest banks in Turkey with a market cap of $8.97 billion. Its operations encompass a wide spectrum of banking services ranging from corporate and investment banking to private banking and international banking services, making it a pivotal entity in Turkey’s financial landscape.

42.
Company Name: Ooredoo Qatar
International Rank: #1720
Market Cap: $8.96 B
Categories: Telecommunication
Country: Qatar

Ooredoo Qatar, established in 1987, has become a key telecommunications provider in Qatar and beyond, with a market cap of $8.96 billion. It offers a comprehensive suite of mobile, wireless, wireline, and content services, playing a significant role in the telecommunications advancements within the Middle East, North Africa, and Southeast Asia.

43.
Company Name: Aselsan
International Rank: #1836
Market Cap: $8.96 B
Categories: Defense contractors
Country: Turkey

Founded in 1975 by the Turkish Armed Forces Foundation, Aselsan has evolved into a leading defense contractor in Turkey, with a market cap of $8.96 billion. Specializing in the manufacture of military electronics for air, land, and naval forces, Aselsan’s innovations are crucial for national defense and security, reflecting its strategic importance to Turkey and its allies.

44.
Company Name: Yapı Kredi
International Rank: #1867
Market Cap: $7.95 B
Categories: Banks/ Financial services
Country: Turkey

Yapı Kredi, established in 1944 by Kâzım Taşkent, is one of Turkey’s largest banks, with a market cap of $7.95 billion. It offers a diverse range of financial services, from personal banking and loans to insurance and investment products, playing a crucial role in Turkey’s financial sector.

45.
Company Name: Boubyan Bank
International Rank: #1885
Market Cap: $7.88 B
Categories: Banks/ Financial services
Country: Kuwait

Boubyan Bank, founded on March 13, 2004, is a pioneering Islamic bank in Kuwait with a market cap of $7.88 billion. It operates under strict Islamic banking and finance laws, offering a variety of financial products and services that comply with Sharia principles, contributing significantly to the Islamic finance landscape in the region.

46.
Company Name: Agility Public Warehousing Company
International Rank: #1958
Market Cap: $7.50 B
Categories: Logistics
Country: Kuwait

Established in 1979 in Kuwait, Agility is a global logistics and warehousing company with a market cap of $7.50 billion. It provides integrated supply chain solutions, freight forwarding, warehousing, and distribution services, facilitating global trade and logistics with its extensive network.

47.
Company Name: Zain (Mobile Telecommunications Company)
International Rank: #2113
Market Cap: $6.81 B
Categories: Telecommunication
Country: Kuwait

Zain, founded in 1983 in Kuwait and rebranded in 2007, operates as a major mobile telecommunications provider in the Middle East with a market cap of $6.81 billion. It services millions of customers across several countries, offering comprehensive mobile and broadband services that enhance connectivity and access to information.

48.
Company Name: Mesaieed Petrochemical Holding Company
International Rank: #2171
Market Cap: $6.59 B
Categories: Oil/ Gas/ Chemicals
Country: Qatar

Mesaieed Petrochemical Holding Company, a subsidiary of QatarEnergy, was founded in 2013 with a market cap of $6.59 billion. It focuses on the manufacture and sale of diversified petrochemical products, driving forward Qatar’s industrial capabilities in the chemical sector.

49.
Company Name: Masraf Al Rayan
International Rank: #2195
Market Cap: $6.46 B
Categories: Banks/ Financial services
Country: Qatar

Masraf Al Rayan, founded in January 2006 in Qatar, operates as an Islamic bank with a market cap of $6.46 billion. It offers a wide range of Sharia-compliant banking and financial services, positioning itself as a leader in Islamic finance in Qatar and the broader Middle East.

50.
Company Name: Qatar Gas Transport Company
International Rank: #2307
Market Cap: $5.96 B
Categories: Oil/ Gas/ Transportation/ Energy/ Maritime transportation services
Country: Qatar

Qatar Gas Transport Company, known as Nakilat, founded in 2004, manages one of the world’s largest fleets of LNG carriers with a market cap of $5.96 billion. It plays a critical role in the maritime transportation of natural gas, contributing to Qatar’s position as a global leader in the LNG market.