As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on UAE stock exchanges stood at 2.7 trillion dirhams ($719 billion), reported Wam.
Driven by planned market expansions and existing valuations exceeding 3.6trn dirhams, this figure is anticipated to experience significant growth, potentially reaching 6trn dirhams in the coming years.
According to official figures, 16 listed companies accounted for about 74 per cent, or 2.709trn dirhams, of the total market capitalisation of the local stock markets, which was 3.656trn dirhams at the close of trading on January 4.
International Holding Company (IHC) came in first place with a market capitalisation of more than 897.5bn dirhams, equivalent to 24.5pc of the capitalisation of the local markets, followed by Abu Dhabi National Energy Company (Taqa) with a market capitalisation of more than 369.9bn dirhams and a share of 10.1pc; then Adnoc Gas with about 238.6bn dirhams, representing 6.5pc of the total market capitalisation of the local markets.
The market value of Alpha Dhabi Holding reached about 187.2bn dirhams, equivalent to a share of about 5.12pc, followed by Etisalat with a market value of 169bn dirhams and a share of 4.62pc; then First Abu Dhabi Bank (FAB) with 153.3bn dirhams in market value, equivalent to 4.2pc; then Dubai Electricity and Water Authority (Dewa) with 124.5bn dirhams; and Emirates NBD with more than 110.5bn dirhams.
The market value of Borouge amounted to more than 74.5bn dirhams; Emaar Properties 68.1bn dirhams; Abu Dhabi Commercial Bank 64.6bn dirhams; PureHealth Holdings 62bn dirhams; ADNOC Drilling 60bn dirhams; ADNOC Distribution 45.7bn dirhams; Dubai Islamic Bank 41.7bn dirhams; and Aldar Properties 41.6bn dirhams, said the Wam report.
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 strong gains by listed stocks, increased demand from international investors, and new listings.
The new listings included Adnoc Gas, Presight AI, Al Ansari Financial Services, Adnoc Logistics, Dubai Taxi, Investcorp Capital, Phoenix Group and PureHealth.
The market value of listed stocks gained over 444.5bn dirhams last year, increasing the market capitalisation from 3.206trn dirhams at the end of 2022 to 3.651trn dirhams by the end of 2023, distributed as 2.963 trn dirhams for the Abu Dhabi Securities Exchange and 687.5bn dirhams for the Dubai Financial Market.