UAE market cap soars as top 16 companies hit AED2.7 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%, 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 AED897.5 billion, equivalent to 24.5% of the market capitalisation of the local markets, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than AED369.9 billion and a share of 10.1%; then ADNOC Gas L.C. with about AED238.6 billion, representing 6.5% of the total market capitalisation of the local markets.

The market value of Alpha Dhabi Holding reached about AED187.2 billion, equivalent to a share of about 5.12%, followed by Etisalat by e with a market value of AED 169 billion and a share of 4.62%; then First Abu Dhabi Bank (FAB) with AED153.3 billion in market value, equivalent to 4.2%; then Dubai Electricity and Water Authority (DEWA) with AED124.5 billion; and Emirates NBD with more than AED110.5 billion.

The market value of Borouge amounted to more than AED74.5 billion; Emaar Properties AED68.1 billion; Abu Dhabi Commercial Bank AED 64.6 billion; PureHealth Holdings AED62 billion; ADNOC Drilling AED60 billion; ADNOC Distribution AED45.7 billion; Dubai Islamic Bank AED41.7 billion; and Aldar Properties AED41.6 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 AED444.5 billion in the past year of 2023, increasing the market capitalisation from AED3.206 trillion at the end of 2022 to AED3.651 trillion by the end of 2023, distributed as AED2.963 trillion for the Abu Dhabi Securities Exchange and AED687.5 billion for the Dubai Financial Market.