As of March 8, 2024, Saudi Arabian Oil Company is the most valuable company in the Middle East, with a market cap of $2045 billion. Following it are International Holding Company ($239 billion) and ABU DHABI NATIONAL ENERGY COMPANY ($93.06 billion). The Middle East’s top five most valuable companies include some of the world’s most renowned brands: AL RAJHI BANKING AND INVESTMENT CORPORATION (No. 4, $92.15 billion) and ADNOC GAS PLC (No. 5, $65.82 billion).
Overall, among the Middle East’s top 10 largest companies by market capitalization, the sixth, seventh, eighth, ninth, and tenth positions are held by THE SAUDI NATIONAL BANK, Saudi Basic Industries Corporation, Acwa Power Company, Saudi Telecom Company, and Saudi Arabian Mining Company (Ma’Aden)
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) | CEO |
|---|---|---|---|
| 1 | SAUDI ARABIAN OIL COMPANY | $2,045 billion | Amin H. Nasser |
| 2 | INTERNATIONAL HOLDING COMPANY | $239 billion | Syed Basar Shueb |
| 3 | ABU DHABI NATIONAL ENERGY COMPANY | $93.06 billion | Jasim Husain Thabet |
| 4 | AL RAJHI BANKING AND INVESTMENT CORPORATION | $92.15 billion | Waleed A. Al-Mogbel |
| 5 | ADNOC GAS PLC | $65.82 billion | Sultan Ahmed Al Jaber |
| 6 | THE SAUDI NATIONAL BANK | $63.37 billion | Talal Ahmed Al Khereiji |
| 7 | SAUDI BASIC INDUSTRIES CORPORATION | $63.11 billion | Abdulrahman Al-Fageeh |
| 8 | ACWA POWER COMPANY | $56.45 billion | Marco Arcelli |
| 9 | SAUDI TELECOM COMPANY | $54.95 billion | Olayan M. Alwetaid |
| 10 | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | $49.17 billion | Robert Wilt |
| 11 | ALPHA DHABI HOLDING | $44 billion | Hamad Salem Mohammed Saeed Al Ameri |
| 12 | EMIRATES TELECOMMUNICATIONS GROUP COMPANY | $41.81 billion | Hatem Dowidar |
| 13 | FIRST ABU DHABI BANK | $40.28 billion | Hana Al Rostamani |
| 14 | KUWAIT FINANCE HOUSE K.S.C.P. | $39.89 billion | Abdulwahab Iesa Alrushood |
| 15 | QATAR NATIONAL BANK (Q.P.S.C.) | $37.09 billion | Abdulla Mubarak Al-Khalifa |
| 16 | DUBAI ELECTRICITY AND WATER AUTHORITY | $33.22 billion | Saeed Mohammed Al Tayer |
| 17 | INVEST BANK | $32.24 billion | Ahmad Mohamed Abu Eideh |
| 18 | DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY | $30.09 billion | Faisal Al Nassar |
| 19 | EMIRATES NBD BANK | $29.32 billion | Shayne Nelson |
| 20 | QNB FINANSBANK | $28.61 billion | Ömür Tan |
| 21 | NATIONAL BANK OF KUWAIT S.A.K.P. | $24.96 billion | Isam Jasem Al Sager |
| 22 | RIYAD BANK | $24.2 billion | Nadir Al-koraya |
| 23 | ALINMA BANK | $22.93 billion | Abdullah Ali Al Khalifa |
| 24 | SAUDI AWWAL BANK | $22.35 billion | Tony Cripps |
| 25 | SAUDI ELECTRICITY COMPANY | $22.11 billion | Khalid Bin Hamad Al-Ghonon |
| 26 | DUBAI ISLAMIC BANK | $12.47 billion | Adnan Chilwan |
| 27 | THE LEBANESE COMPANY FOR THE DEVELOPMENT AND RECONSTRUCTION OF BEIRUT CENTRAL DISTRICT S.A.L. | $12.31 billion | Nasser Chammaa |
| 28 | PURE HEALTH HOLDING | $12.13 billion | Shaista Asif |
| 29 | BANK LEUMI LE-ISRAEL B.M. | $12.12 billion | Hanan Fridman |
| 30 | ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION | $12.08B | Sultan Al Jaber |
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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