S&P GCC composite index up 6.2% in 2023: Markaz

S&P GCC composite index up 6.2% in 2023: Markaz

GCC markets were mixed during 2023, with the S&P GCC Composite index registering a yearly gain of 6.2% as only Dubai and Saudi Arabia equity indices ended the year on a positive note.

Within the GCC, Dubai and Saudi Arabia equity indices surged 21.7% and 14.2% respectively during the year on the back of positive investor sentiment and strong earnings growth from major blue-chip stocks, said Kuwait Financial Centre (Markaz), which released its Monthly Market Review report for December 2023.

Dubai’s performance was driven by a strong economic outlook supported by real estate and tourism sectors in addition to the relative undervaluation of the markets compared to GCC peers. Emaar Developers and Emaar Properties surged with total returns of 77.5% and 40.9% respectively during the year. Emaar Properties and its construction unit reported results in line with the market’s high expectations, with a 42% and 43% increase in their 9M profits respectively on higher retail sales and a rise in real estate demand.

Saudi Aramco

Saudi Aramco recorded a total return of 18.5% in 2023 supported by high oil prices and strategic investments made by the company across the world. Abu Dhabi index fell the most at 6.2% for the year dragged down by