Forbes Middle East has confirmed that the region’s largest companies have managed to maintain stability despite market fluctuations, while also increasing their market value amid ongoing economic challenges.
According to the latest report, the United Arab Emirates ranked first in the list of the “Top 100 Public Companies by Market Value in the Middle East for 2026” in terms of the number of listed companies, with a total of 35 firms. Saudi Arabia followed closely with 34 companies, while Qatar ranked third with 11, followed by Morocco with nine and Kuwait with six.
The report revealed that the total market capitalization of stock markets across the Middle East and North Africa reached approximately $4.3 trillion as of January 2026, spread across 12 exchanges. The top 100 listed companies alone accounted for around $3.7 trillion, representing 86% of the total market value.
The ranking was based on market capitalization data from 12 stock exchanges across 11 countries in the region, using closing prices as of the end of January 2026.
Sector-wise, banking and financial services continued to dominate in terms of company count, with 34 firms holding a combined market value of $732.6 billion. Meanwhile, the energy sector stood out for its sheer scale, reaching nearly $1.9 trillion in market value despite having only nine companies on the list.
Gulf Cooperation Council (GCC) countries maintained strong dominance overall, accounting for approximately 88% of the total companies featured in the ranking.
Several leading UAE companies secured prominent positions on the list, including International Holding Company (IHC), which topped the ranking with a market value of $238.6 billion. It was followed by TAQA at $87.9 billion, ADNOC Gas at $75.4 billion, First Abu Dhabi Bank at $56 billion, and Emirates NBD at $53.5 billion.
Other notable UAE firms included e&, valued at $46.7 billion, Dubai Electricity and Water Authority (DEWA) at $41.1 billion, and Emaar Properties at $36.1 billion, alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Dubai Islamic Bank.
