UAE market cap increases as top 16 companies hit Dhs2.7 trillion – Gulf Today

UAE market cap increases as top 16 companies hit Dhs2.7 trillion – Gulf Today

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange.

As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on local exchanges stood at Dhs2.7 trillion.  Driven by planned market expansions and existing valuations exceeding Dhs3.6 trillion, this figure is anticipated to experience significant growth, potentially reaching Dhs6 trillion in the coming years.

According to official figures, 16 listed companies accounted for about 74 per cent, or Dhs2.709 trillion, of the total market capitalisation of the local stock markets, which was Dhs3.656 trillion at the close of trading yesterday.

International Holding Company (IHC) came in first place with a market capitalisation of more than Dhs897.5 billion, equivalent to 24.5 per cent of the market capitalisation of the local markets, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than Dhs369.9 billion and a share of 10.1 per cent; then Adnoc Gas with about Dhs238.6 billion, representing 6.5 per cent of the total market capitalisation of the local markets.

The market value of Alpha Dhabi Holding reached about Dhs187.2 billion, equivalent to a share of about 5.12 per cent, followed by Etisalat by e& with a market value