Skip to content Skip to Search
Skip navigation

Market cap of Arab stock markets reached $4.5trn in 2023

The market cap of the Saudi stock exchange rose 14 percent year on year to more than $3 trillion in 2023 Alamy via Reuters
The market cap of the Saudi stock exchange rose 14 percent year on year to more than $3 trillion in 2023

The combined market capitalisation of Arab stock markets reached $4.5 trillion, rising 12 percent year on year by the end of December 2023, the Union of Arab Securities Authorities (UASA) has said.

The surge was primarily driven by the Saudi stock exchange, which recorded a 14 percent rise to more than $3 trillion in 2023, up from $2.6 trillion a year earlier.

The UASA aims to support and promote cooperation between Arab securities commissions and enhance the effectiveness of its oversight role, according to its website.

Arab stock markets faced a turbulent start to 2023 because of challenging conditions in the first five months of the year, the report said. However, regional markets reported significant growth, mainly in the last two months.

The Egyptian exchange witnessed a 96 percent increase in traded stock value, reaching $110.7 billion, constituting 17 percent of the region’s total trading value.

The surge was propelled by growing trading activity following the introduction of treasury bill trading.

Last year, Morocco’s benchmark index surged by 23 percent, compared with a negative performance of 32 percent in the previous year.

Lebanon’s index concluded the year with a 47 percent increase, building upon an 86 percent rise in 2022, the report said.

Latest articles

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]