As of March 12, 2024, SAUDI ARABIAN OIL COMPANY is the most valuable company in Saudi Arabia, with a market cap of $2.048 trillion. Following it are AL RAJHI BANKING AND INVESTMENT CORPORATION ($91.5 billion) and THE SAUDI NATIONAL BANK ($63.37 billion). Saudi Arabia’s top five most valuable companies include some of the world’s most renowned brands: SAUDI BASIC INDUSTRIES CORPORATION (No. 4, $62.55 billion) and ACWA POWER COMPANY (No. 5, $57.27 billion).
Overall, among Saudi Arabia’s top 10 largest companies by market capitalization, the sixth, seventh, eighth, ninth, and tenth positions are held by SAUDI TELECOM COMPANY, SAUDI ARABIAN MINING COMPANY (MA’ADEN), DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY, RIYAD BANK, and ALINMA BANK.
Which one is the most valuable in Saudi Arabia by market cap? This list comprises the biggest companies currently in Saudi Arabia by market cap in 2024:
Saudi Arabia's Largest Companies by market capitalization, 2024
| RANK | COMPANY | MARKET CAPITAL (USD DOLLER) | CEO |
|---|---|---|---|
| 1 | SAUDI ARABIAN OIL COMPANY | $2,048 billion | Amin H. Nasser |
| 2 | AL RAJHI BANKING AND INVESTMENT CORPORATION | $91.5 billion | Arsalaan Ahmed |
| 3 | THE SAUDI NATIONAL BANK | $63.37 billion | Saeed Mohammed Al-Ghamdi |
| 4 | SAUDI BASIC INDUSTRIES CORPORATION | $62.55 billion | Abdulrahman Al Fageeh |
| 5 | ACWA POWER COMPANY | $57.27 billion | Marco Arcelli |
| 6 | SAUDI TELECOM COMPANY | $54.69 billion | Olayan M. Alwetaid |
| 7 | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | $49.19 billion | Robert Wilt |
| 8 | DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY | $30.36 billion | Faisal Al Nassar |
| 9 | RIYAD BANK | $24.59 billion | Nadir S Al-Koraya |
| 10 | ALINMA BANK | $22.77 billion | Abdulmalek bin Abdullah bin Hamad Al-Hogail |
| 11 | SAUDI AWWAL BANK | $22.74 billion | Lubna Olayan |
| 12 | SAUDI ELECTRICITY COMPANY | $21.93 billion | Khalid Bin Hamad Al-Ghonon |
| 13 | ELM COMPANY | $21.76 billion | Abdulrahman Aljadhai |
| 14 | SABIC AGRI-NUTRIENTS COMPANY | $15.92 billion | ABDULRAHMAN SALEH AL-FAGEEH |
| 15 | ALMARAI COMPANY | $15.84 billion | Abdullah Al Bader |
| 16 | BANK ALBILAD | $13.1 billion | Abdulaziz Mohammed AlOnaizan |
| 17 | BANQUE SAUDI FRANSI | $12.02 billion | Rayan Fayez |
| 18 | ARABIAN INTERNET AND COMMUNICATION SERVICES COMPANY | $11.62 billion | Omer Alnomany |
| 19 | ETIHAD ETISALAT COMPANY | $11.5 billion | Salman Bin Abdulaziz Al Badran |
| 20 | ARAB NATIONAL BANK | $11.4 billion | Obaid Abdullah Al-Rasheed |
| 21 | BUPA ARABIA FOR COOPERATIVE INSURANCE COMPANY | $9.57 billion | Tal Nazer |
| 22 | JABAL OMAR DEVELOPMENT COMPANY | $8.26 billion | Khalid Al-Amoudi |
| 23 | SAUDI TADAWUL GROUP HOLDING COMPANY | $8.19 billion | Mohammed Sulaiman Al-Rumaih |
| 24 | SAUDI ARAMCO BASE OIL COMPANY - LUBEREF | $7.73 billion | Ibrahim Q. Al buainain |
| 25 | SAVOLA GROUP COMPANY | $7.44 billion | Waleed Khalid Fatani |
| 26 | KINGDOM HOLDING COMPANY | $7.02 billion | Talal Ibrahim Al Maiman |
| 27 | MOUWASAT MEDICAL SERVICES COMPANY | $6.63 billion | Nasser Sultan Al-Subaie |
| 28 | SAL SAUDI LOGISTICS SERVICES COMPANY | $6.08 billion | Hesham bin Abdulla Alhussayen |
| 29 | THE COMPANY FOR COOPERATIVE INSURANCE | $6 billion | Abdulaziz Hassan ALBoug |
| 30 | SAHARA INTERNATIONAL PETROCHEMICAL COMPANY | $5.97 billion | Abdullah Saif Al-Saadoon |
| 31 | ADES HOLDING COMPANY | $5.86 billion | Mohamed Farouk |
Market capitalization, commonly known as market cap, refers to the total market value of a company’s outstanding shares. It is calculated by multiplying the current stock price by the total number of shares outstanding. For example, if a company has 2.34 billion shares outstanding and its stock price is $66.66 per share, its market cap would be $156 billion (2,340,000,000 x $66.66). Investors often use the market cap as a quick estimate of a company’s overall value and as a factor in determining whether to buy a stock. Stocks are often categorized by market cap: mega-cap ($100 billion-plus), large-cap ($10 billion-$100 billion), mid-cap ($2 billion-$10 billion), small-cap ($300 million-$2 billion), and micro-cap (less than $300 million).
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