As of January 2024, the combined UAE market capitalisation of the top 16 national companies listed on local exchanges reached AED 2.7T.
Fueled by planned market expansions and existing valuations surpassing AED 3.6T, this figure is expected to witness substantial growth, potentially reaching AED 6T in the forthcoming years.
Official figures reveal that 16 listed companies constituted approximately 74%, or AED 2.709T, of the total market capitalisation of the local stock markets, which closed trading at AED 3.656T.
IHC Tops List: Market Cap Surpasses AED 897.5B
International Holding Company (IHC) secured the top spot with a market capitalisation exceeding AED 897.5B, constituting 24.5% of the market capitalisation of local markets.
Following closely is Abu Dhabi National Energy Company (Taqa) with a market capitalisation surpassing AED 369.9B, claiming a 10.1% share, and ADNOC Gas L.C. with about AED 238.6B, representing 6.5% of the total market capitalisation.
Alpha Dhabi Holding’s market value reached about AED 187.2B, equating to a share of about 5.12%, trailed by Etisalat with a market value of AED 169B and a share of 4.62%.
First Abu Dhabi Bank (FAB) follows with AED 153.3B in market value, equivalent to 4.2%, and Dubai Electricity and Water Authority (DEWA) with AED 124.5B. Emirates NBD holds a market value of more than AED 110.5B.
The market value of Borouge exceeded AED 74.5B; Emaar Properties stood at AED 68.1B; Abu Dhabi Commercial Bank at AED 64.6B; PureHealth Holdings at AED 62B; ADNOC Drilling at AED 60B; ADNOC Distribution at AED 45.7B; Dubai Islamic Bank at AED 41.7B; and Aldar Properties at AED 41.6B.
The local stock markets experienced a significant strengthening in the past year, supported by the resilience of the national economy, robust gains by listed stocks, increased demand from international investors, and new listings such as ADNOC Gas, Presight AI, Al Ansari Financial Services, ADNOC Logistics, Dubai Taxi, Investcorp Capital, Phoenix Group, and PureHealth.
The UAE market value of listed stocks increased by over AED 444.5B in 2023, elevating the market capitalisation from AED 3.206T at the end of 2022 to AED 3.651T by the close of 2023, with AED 2.963T for the Abu Dhabi Securities Exchange and AED 687.5B for the Dubai Financial Market, according to WAM.
