meed-logo

line1 line2 line3
SIGN IN / REGISTER

The MEED 100 largest listed firms revealed

30 May 2023

 

The value of the top listed firms in the Middle East and North Africa (Mena) region held largely steady during the 2022-23 financial year as international investor sentiment wavered over the state of the global economy.

Viewed through the lens of the MEED Top 100, an annual ranking of the largest Mena-listed companies, the market capitalisation of the top 100 companies stands at $3.83tn, having edged up by a slight 1.6 per cent from the $3.77tn in MEED’s 2022 listing.

This almost static scenario contrasts with buoyant growth the previous year, when the region’s top stocks leapt in value by 23.4 per cent from only slightly above the $3bn mark amid higher oil prices and post-Covid growth optimism.

The relative stability of the list also belies some significant downward sliding in the value of oil and gas companies, amid lower oil price projections, and banks, amid higher interest rates and the global banking concerns following the crises at several US and Swiss institutions. The value of Saudi Aramco alone, which accounts for about 55 per cent of the list’s total value, dipped by more than $200bn.

Growth areas

The value loss has been balanced by growth in other areas, including telecommunications and real estate – the latter having been particularly supported by a strong recovery in the UAE property market. New entries have also been added to the list following a spree of high-value initial public offerings (IPOs) in 2022 and 2023.

Notwithstanding the overweighted presence of Saudi Aramco, the banking sector remains the largest contributor to the list, with 34 entities worth a combined $553bn. 

There are also 16 utilities and telecoms companies worth a combined $369bn; 12 other oil and gas companies besides Saudi Aramco, worth a combined $234bn; and 21 companies in other areas of industry, including manufacturing, construction and logistics, worth a combined $206bn. 

There are also 10 companies involved in services such as healthcare, retail and technology provision, worth $86bn, and six holding companies making up $270bn. The latter are led by Abu Dhabi’s International Holding Company (IHC), which is valued at $234bn after several years of value growth.

IPO activity

The Mena region had an exceptionally strong 2022 for IPOs, with regional stock exchanges seeing a total of 51 listings raise $22bn, close to a quarter of the $90bn raised on equity markets worldwide, according to a report by EY. Overall, it was 143 per cent more listings and 179 per cent more value than in 2021.

While global IPO activity experienced a decline in both volume and value compared to the previous year, the Mena region remained strong. Both the UAE and Saudi Arabia stand out in terms of the number and value of their recent listings.

Abu Dhabi had two record-breaking IPOs, first with Borouge in June 2022, in an offering that raised $2bn, and then with Adnoc Gas in March 2023, which raised $2.5bn. 

Saudi Arabia also went on a listing spree in the fourth quarter of 2022, with seven IPOs on the Saudi Stock Exchange (Tadawul) raising $4.7bn in proceeds. The largest came from Saudi Aramco Base Oil Company (Luberef), which raised $1.3bn. The Tadawul saw its first dual listing, with the UAE’s Americana Restaurants listing on both the Saudi and Abu Dhabi exchanges in December in an IPO that raised $1.8bn.

The 2023 MEED Top 100 list also incorporates the September 2022 listing of Dubai’s road toll system Salik on the Dubai Financial Market, which raised $1bn; the November 2022 listing of Saudi utility company Marafiq, which secured $897m; the November 2022 listing of Dubai’s Empower, which garnered $724m; and the March 2023 listing of Abu Dhabi’s Presight AI, which brought in $496m.

The region has largely retained its IPO momentum heading into 2023, with the first quarter seeing 10 new listings raising a total of $3.4bn. Despite a 33 per cent drop in the number of IPOs and a 14 per cent decrease in value compared to the first quarter of 2022, the region outperformed the global market, which saw a 61 per cent drop in IPO volume to 299 IPOs for the quarter, raising $21.5bn.

Uncertainties over the global economic outlook nevertheless continue to weigh on the markets in 2023, and the GDP forecasts for the Mena region are generally lower than in 2022. Despite these brakes on activity, there is optimism for an ongoing pipeline of large government-backed and private IPOs.

Major upcoming IPOs include the offering of 15 per cent of the shares of Adnoc Logistics & Services through an IPO on the Abu Dhabi stock exchange, scheduled for June 1. 

The listing of Abu Dhabi’s Emirates Global Aluminium is also still on the cards, as is the potential listing of Saudi Arabia’s First Mills on the Tadawul. Abu Dhabi-based Lulu Group is also considering a dual listing in Abu Dhabi and Saudi Arabia.

 

https://image.digitalinsightresearch.in/uploads/NewsArticle/10896832/main.gif
John Bambridge

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Egypt seeks to accelerate gas pipeline project with Libya

    10 November 2026

    Egypt aims to accelerate a range of energy projects with Libya, including gas pipeline links, according to a statement from the Egyptian Foreign Minister Badr Abdelatty.

    Other projects include a scheme to refine Libyan crude in Egypt and an electricity interconnection.

    Abdelatty’s comments came in a ministry statement after a meeting with Libya’s acting oil and gas minister, Khalifa Abdulsadek, in the Libyan capital of Tripoli.

    Egypt is currently trying to address an energy squeeze that has escalated ​due to elevated global liquefied natural gas (LNG) prices since the ​start of the US-Israeli war on Iran in February of this year.

    In his statement, Abdelatty called ‌for ⁠cooperation on petroleum products and the completion of projects to refine Libyan oil in Egypt and re-export ​it.

    He also said that Abdulsadek would ​visit ⁠Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.

    The ⁠statement ​did not provide ​details on costs or the status of the projects.

    Plans for new gas pipeline links with Libya are just one of several ambitious gas pipeline plans Egypt is pursuing.

    In October, the Italian oil and gas company Eni signed the main engineering, procurement, construction and drilling contracts for a project to export gas from reserves in Cyprus using a major pipeline to Egypt.

    The project includes contracts with several companies that will develop infrastructure in both Egypt and Cyprus.

    The awards included a $170m contract won by Egypt’s Petrojet for a new onshore gas pipeline in Egypt that will help transport gas to Egypt’s Damietta LNG facility.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21273777/main.jpg
    Wil Crisp
  • Omani company signs Kuwait drilling contract

    10 November 2026

    Oman’s MBPS has signed a drilling rig contract worth $127.3m with state-owned upstream operator Kuwait Oil Company (KOC).

    Under the terms of the deal, MBPS will supply and operate three newly built 1,000-horsepower land rigs for drilling and workover operations, according to a company statement.

    The UAE-based oil field services company Adnoc Drilling is a majority shareholder in MBPS.

    The chief executive of MBPS, Salim Al-Harthy, said: “This is another important milestone for MBPS and a strong reflection of KOC’s confidence in our capabilities.

    “It further strengthens our presence in Kuwait and our commitment to delivering safe, reliable and efficient drilling and workover services across the region.”

    He : “My sincere appreciation to KOC for their continued trust, and to our MBPS team for their hard work and dedication in making this possible.”

    In October last year, KOC said it planned to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.

    The spending was part of a KD9.8bn budget, the company’s biggest ever, allocated for drilling and maintenance of up to 6,193 wells by the end of this decade.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21273731/main.png
    Wil Crisp
  • Adnoc Drilling wins $315m Kuwait offshore rig deals

    10 November 2026

    Register for MEED’s 14-day trial access 

    Abu Dhabi National Oil Company (Adnoc Group) subsidiary, Adnoc Drilling, has been selected for two offshore drilling rig contracts in Kuwait with a combined maximum value of KD96.55m ($315m), according to documents published by Kuwait’s Official Gazette.

    The Higher Purchasing Committee of state-owned Kuwait Petroleum Corporation (KPC) has given approval for its subsidiary Kuwait Oil Company (KOC) to award the contracts to the Abu Dhabi-listed drilling contractor after Adnoc Drilling submitted the lowest compliant bids.

    While the maximum combined contract value has been confirmed as KD96.55m ($315m), the individual contract values, rig identities, durations and expected commencement dates have not been disclosed.

    The approval comes as Kuwait moves to expand offshore exploration and development following a series of discoveries in its territorial waters.

    It is currently unclear how Kuwait will provide security for its planned offshore oil and gas projects in the Gulf, adding uncertainty to the outlook for these plans.

    On 5 October, KPC chief executive Shaikh Nawaf Al-Sabah reiterated the company’s commitment to developing three major offshore oil discoveries in the region.

    KPC initially launched the Al-Seef project to develop the three fields in February, just weeks before the US and Israel attacked Iran, triggering a regional war that has sparked a crisis in Kuwait’s oil and gas sector.

    The regional conflict has seriously disrupted shipping through the Strait of Hormuz, a key export route for Kuwaiti oil.

    The war has also led to dozens of attacks on Kuwaiti oil and gas infrastructure, with at least one causing damage to a Kuwaiti offshore platform.

    This attack took place on 12 July, when a drone struck a KOC offshore drilling platform in Kuwaiti territorial waters, causing damage to the platform and injuring one worker.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21273678/main2430.jpg
    Wil Crisp
  • Aramco-backed firm tenders logistics hub expansion

    9 November 2026

     

    Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, has set a 15 November deadline for a contract to expand the logistics complex at King Salman Energy Park (Spark) in Saudi Arabia’s Eastern Province.

    The logistics hub will add over 124,000 square metres (sq m) at Spark.

    Al-Khobar-based engineering firm House of Consulting Office is the project consultant.

    The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.

    The overall project will feature a 43,000 sq m, temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.

    Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.

    Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, automation and robotics.

    It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.

    The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.

    Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.

    According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.

    Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21267403/main.gif
    Yasir Iqbal
  • Prequalification begins for multibillion-dollar Dubai road

    9 November 2026

     

    Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.

    Contractors have until 30 November to submit their prequalification statements.

    The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.

    The project’s scope covers about 30 kilometres (km) of works. These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.

    The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.

    Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.

    The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.

    The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.

    The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.

    Planning for growth

    Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.

    In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan. 

    In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

    The policy aims to ensure residents can meet 80% of their daily needs within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21266194/main.gif
    Yasir Iqbal