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Market cap of top 16 UAE-listed companies hit $591bln

An investor studies a screen at the Abu Dhabi Securities Exchange Reuters
The market value of the local stock markets significantly strengthened in the past year, primarily driven by the strength and resilience of the national economy

The aggregate market capitalisation of the top 16 national companies listed on UAE exchanges reached AED2.71 trillion ($590.83) as of January 2024. 

This figure is anticipated to grow significantly to AED 6 trillion in the coming years, the UAE state-run Wam news agency reported, citing official market data.

The top 16 listed companies accounted for 74 percent, or AED 2.71 trillion, of the total market capitalisation of the local stock markets, which was AED3.66 trillion at the close of trading on January 4.

International Holding Company came in first place with a market capitalisation of more than AED897.5 billion, or 24.5 percent of the total, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than AED369.9 billion. 

Adnoc Gas reported a market cap of nearly AED238.6 billion, representing 6.5 percent of the total.

The market value of Alpha Dhabi Holding reached AED187.2 billion, followed by e& with a market value of AED 169 billion.

First Abu Dhabi Bank’s (FAB) market cap reached AED153.3 billion, Dubai Electricity and Water Authority (AED124.5 billion) and Emirates NBD (AED110.5 billion).

The market value of Borouge reached AED74.5 billion, followed by Emaar Properties (AED68.1 billion), Abu Dhabi Commercial Bank (AED 64.6 billion), PureHealth Holdings (AED62 billion), Adnoc Drilling (AED60 billion), Adnoc Distribution (AED45.7 billion), Dubai Islamic Bank (AED41.7 billion), and Aldar Properties (AED41.6 billion).

The market value of the local stock markets significantly strengthened in the past year, primarily supported by the strength and resilience of the national economy, along with solid gains by listed stocks, increased demand from international investors, and new listings. 

The market value of listed stocks gained over AED444.5 billion in 2023, increasing the market capitalisation from AED3.21 trillion in 2022 to AED3.65 trillion by the end of 2023.

The split was AED2.96 trillion for the Abu Dhabi Securities Exchange and AED687.5 billion for the Dubai Financial Market.

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