As of December 20, 2024, ARAMCO is the most valuable company in the Middle East, with a market cap of $1,868 billion. Following it are INTERNATIONAL HOLDING COMPANY ($240 billion) and AL RAJHI BANKING AND INVESTMENT CORPORATION ($95.75 billion).
Which one is the most valuable in the Middle East by market cap? This list comprises the biggest companies currently in the Middle East by market cap in 2024:
The Middle East's Largest Companies by market capitalization, 2024
| RANK | COMPANY | MARKET CAPITAL (USD DOLLAR) |
|---|---|---|
| 1 | ARAMCO | $1,868 billion |
| 2 | INTERNATIONAL HOLDING COMPANY | $240 billion |
| 3 | AL RAJHI BANKING AND INVESTMENT CORPORATION | $95.75 billion |
| 4 | ABU DHABI NATIONAL ENERGY COMPANY | $93.66 billion |
| 5 | ACWA POWER COMPANY | $73.65 billion |
| 6 | ADNOC GAS PLC | $72.71 billion |
| 7 | SAUDI TELECOM COMPANY | $53.24 billion |
| 8 | SABIC | $53.12 billion |
| 9 | THE SAUDI NATIONAL BANK | $52.24 billion |
| 10 | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | $48.81 billion |
| 11 | QATAR NATIONAL BANK (Q.P.S.C.) | $43.77 billion |
| 12 | KUWAIT FINANCE HOUSE K.S.C.P. | $40.08 billion |
| 13 | FIRST ABU DHABI BANK | $39.98 billion |
| 14 | EMIRATES TELECOMMUNICATIONS GROUP COMPANY | $38.12 billion |
| 15 | DUBAI ELECTRICITY AND WATER AUTHORITY | $36.89 billion |
| 16 | EMIRATES NBD BANK | $35.34 billion |
| 17 | INVEST BANK | $32.24 billion |
| 18 | ALPHA DHABI HOLDING | $30.87 billion |
| 19 | EMAAR PROPERTIES | $30.32 billion |
| 20 | DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY | $27.83 billion |
| 21 | QNB FINANSBANK | $26.29 billion |
| 22 | NATIONAL BANK OF KUWAIT S.A.K.P. | $23.49 billion |
| 23 | ADNOC DRILLING COMPANY | $23.43 billion |
| 24 | ELM COMPANY | $23.43 billion |
| 25 | RIYAD BANK | $22.65 billion |
| 26 | INDUSTRIES QATAR Q.P.S.C. | $21.44 billion |
| 27 | BOROUGE PLC | $19.97 billion |
| 28 | ABU DHABI COMMERCIAL BANK | $19.92 billion |
| 29 | ALINMA BANK | $18.64 billion |
| 30 | SAUDI ELECTRICITY COMPANY | $18.55 billion |
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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