UAE market cap soars as top 16 companies hit $735bln

UAE market cap soars as top 16 companies hit $735bln

ABU DHABI - As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on local exchanges stood at AED2.7 trillion. Driven by planned market expansions and existing valuations exceeding AED 3.6 trillion, this figure is anticipated to experience significant growth, potentially reaching AED 6 trillion in the coming years.

According to official figures, 16 listed companies accounted for about 74%, or AED 2.709 trillion, of the total market capitalisation of the local stock markets, which was AED 3.656 trillion at the close of trading yesterday.

International Holding Company (IHC) came in first place with a market capitalisation of more than AED897.5 billion, equivalent to 24.5% of the market capitalisation of the local markets, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than AED369.9 billion and a share of 10.1%; then ADNOC Gas L.C. with about AED238.6 billion, representing 6.5% of the total market capitalisation of the local markets.

The market value of Alpha Dhabi Holding reached about AED187.2 billion, equivalent to a share of about 5.12%, followed by Etisalat by e& with a market value of AED 169 billion and a share of 4.62%; then First Abu Dhabi Bank (FAB) with AED153.3