The Middle East’s Largest Companies by market capitalization, 2024
As of February 18, 2025, ARAMCO is the most valuable company in the Middle East, with a market cap of $1,794 billion. Following it are INTERNATIONAL HOLDING COMPANY ($240 billion) and AL RAJHI BANKING AND INVESTMENT CORPORATION ($107 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 | $1,794 billion |
| 2 | INTERNATIONAL HOLDING COMPANY | $240 billion |
| 3 | AL RAJHI BANKING AND INVESTMENT CORPORATION | $107 billion |
| 4 | ABU DHABI NATIONAL ENERGY COMPANY | $94.58 billion |
| 5 | ACWA POWER COMPANY | $76.96 billion |
| 6 | ADNOC GAS PLC | $74.6 billion |
| 7 | SAUDI TELECOM COMPANY | $58.53 billion |
| 8 | THE SAUDI NATIONAL BANK | $53.44 billion |
| 9 | SABIC | $53.22 billion |
| 10 | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | $49.72 billion |
| 11 | FIRST ABU DHABI BANK | $43.65 billion |
| 12 | QATAR NATIONAL BANK (Q.P.S.C.) | $41.94 billion |
| 13 | KUWAIT FINANCE HOUSE K.S.C.P. | $41.29 billion |
| 14 | EMIRATES TELECOMMUNICATIONS GROUP COMPANY | $39.92 billion |
| 15 | DUBAI ELECTRICITY AND WATER AUTHORITY | $36.75 billion |
| 16 | EMIRATES NBD BANK | $36.63 billion |
| 17 | EMAAR PROPERTIES | $32.97 billion |
| 18 | INVEST BANK | $32.24 billion |
| 19 | ALPHA DHABI HOLDING | $29.51 billion |
| 20 | DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY | $27.54 billion |
| 21 | NATIONAL BANK OF KUWAIT S.A.K.P. | $27.17 billion |
| 22 | ABU DHABI COMMERCIAL BANK | $24.03 billion |
| 23 | ADNOC DRILLING COMPANY | $23.95 billion |
| 24 | RIYAD BANK | $23.65 billion |
| 25 | QNB FINANSBANK | $22.94 billion |
| 26 | ELM COMPANY | $22.22 billion |
| 27 | INDUSTRIES QATAR Q.P.S.C. | $22.02 billion |
| 28 | BOROUGE PLC | $20.87 billion |
| 29 | ALINMA BANK | $20.61 billion |
| 30 | BANK LEUMI LE-ISRAEL B.M. | $19.81 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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