As of December 31, 2024, ARAMCO is the most valuable company in the Middle East, with a market cap of $1,797 billion. Following it are INTERNATIONAL HOLDING COMPANY ($242 billion) and ABU DHABI NATIONAL ENERGY COMPANY ($107 billion).
Which one is the most valuable in the Middle East by market cap? This list comprises the biggest companies currently in the Middle East by market cap in 2024:
The Middle East's Largest Companies by market capitalization, 2024
| RANK | COMPANY | MARKET CAPITAL (USD DOLLAR) |
|---|---|---|
| 1 | ARAMCO | $1,797 billion |
| 2 | INTERNATIONAL HOLDING COMPANY | $242 billion |
| 3 | ABU DHABI NATIONAL ENERGY COMPANY | $107 billion |
| 4 | AL RAJHI BANKING AND INVESTMENT CORPORATION | $99.98 billion |
| 5 | ACWA POWER COMPANY | $79.29 billion |
| 6 | ADNOC GAS PLC | $72.93 billion |
| 7 | SABIC | $53.42 billion |
| 8 | THE SAUDI NATIONAL BANK | $53.25 billion |
| 9 | SAUDI TELECOM COMPANY | $52.97 billion |
| 10 | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | $48.9 billion |
| 11 | QATAR NATIONAL BANK (Q.P.S.C.) | $43.44 billion |
| 12 | FIRST ABU DHABI BANK | $41.54 billion |
| 13 | KUWAIT FINANCE HOUSE K.S.C.P. | $40.28 billion |
| 14 | DUBAI ELECTRICITY AND WATER AUTHORITY | $38.52 billion |
| 15 | EMIRATES TELECOMMUNICATIONS GROUP COMPANY | $38.45 billion |
| 16 | EMIRATES NBD BANK | $36.46 billion |
| 17 | ALPHA DHABI HOLDING | $32.4 billion |
| 18 | INVEST BANK | $32.24 billion |
| 19 | EMAAR PROPERTIES | $30.92 billion |
| 20 | DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY | $26.55 billion |
| 21 | QNB FINANSBANK | $25.26 billion |
| 22 | NATIONAL BANK OF KUWAIT S.A.K.P. | $23.97 billion |
| 23 | ELM COMPANY | $23.06 billion |
| 24 | ADNOC DRILLING COMPANY | $23.04 billion |
| 25 | RIYAD BANK | $22.68 billion |
| 26 | INDUSTRIES QATAR Q.P.S.C. | $21.84 billion |
| 27 | ABU DHABI COMMERCIAL BANK | $20.52 billion |
| 28 | THE LEBANESE COMPANY FOR THE DEVELOPMENT AND RECONSTRUCTION OF BEIRUT CENTRAL DISTRICT S.A.L. | $19.77 billion |
| 29 | BOROUGE PLC | $19.72 billion |
| 30 | ALINMA BANK | $19.23 billion |
Market capitalization, commonly known as market cap, refers to the total market value of a company’s outstanding shares. It is calculated by multiplying the current stock price by the total number of shares outstanding. For example, if a company has 2.34 billion shares outstanding and its stock price is $66.66 per share, its market cap would be $156 billion (2,340,000,000 x $66.66). Investors often use the market cap as a quick estimate of a company’s overall value and as a factor in determining whether to buy a stock. Stocks are often categorized by market cap: mega-cap ($100 billion-plus), large-cap ($10 billion-$100 billion), mid-cap ($2 billion-$10 billion), small-cap ($300 million-$2 billion), and micro-cap (less than $300 million).
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