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
  • Syria seeks interest for $1.16bn Euphrates dam

    7 October 2026

    Register for MEED’s 14-day trial access 

    Syria’s Ministry of Energy has invited expressions of interest (EoIs) for the development of the Halabiyeh-Zalabiyeh dam project on the Euphrates River.

    The project has an indicative total cost of $1.16bn, according to the ministry’s EoI document. This includes $433.7m for the dam and hydropower plant and $729.6m for the pumped-storage power plant (PSP). 

    The scheme includes an 81MW hydroelectric power plant and a pumped-storage facility with a capacity of up to 1,200MW. The project will also include the construction of the dam and associated water-storage infrastructure. 

    The ministry seeks interest from qualified local and international companies, investors and other entities. Interested parties can participate in studies, design, financing, construction, and operation and maintenance of the project. 

    The ministry is considering several potential development structures, including build-own-operate-transfer, build-operate-transfer and public-private partnership models, as well as an engineering, procurement and construction (EPC) structure. It has said it is also open to proposals covering consultancy and financing services.

    The EoI covers several stages, including pre-feasibility and feasibility studies, financing and bankability studies, detailed and executive design, EPC execution, and operation and maintenance.

    The technical specifications envisage a 23-metre-high dam with a reservoir storage capacity of about 219 million cubic metres.

    The hydropower plant will have three generating units, while the 1,200MW PSP will have 3.5 hours of storage capacity and four reversible units.

    The deadline for submitting EoIs is 10 November, with enquiries accepted until 26 October.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20336025/main.jpg
    Mark Dowdall
  • Arada launches UAE construction arm with Roberts

    7 October 2026

    Register for MEED’s 14-day trial access 

    UAE developer Arada has integrated Australian contractor Roberts into the UAE market as part of its wider business strategy.

    Arada acquired Roberts in 2025 after entering the Australian market. The tier-one contractor delivers projects in the healthcare, education, commercial, residential, hospitality, industrial, life sciences and defence sectors.

    At the time of the acquisition, Arada said it planned to invest about $20m in Roberts. The investment is intended to give the developer greater control over the delivery of its Australian projects and support Roberts’ expansion into markets including the UAE.

    Arada has said it could invest up to $100m in Roberts’ expansion into new sectors and markets. The company is targeting $1bn in annual revenue from Roberts by 2028.

    Roberts has established a UAE office, with a head office team already in place. Arada said the contractor’s capabilities will support the delivery of its high-rise residential and social infrastructure projects.

    The contractor’s first UAE project will be phase two of Arada Central Business District, a commercial development within Aljada in Sharjah. Arada is developing the AED35bn ($9.5bn) mixed-use project.

    Roberts is also providing preconstruction services for several Arada projects in Dubai and Sharjah, ahead of starting site work.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20334926/main.jpg
    Yasir Iqbal
  • Expo Riyadh sets October deadline for Saudi Arabia pavilion

    7 October 2026

     

    Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, has set a deadline of 25 October for bids for a contract to build the Saudi Arabia pavilion.

    The tender was issued on 19 May, with an initial bid submission deadline of 26 August.

    The pavilion is a major asset located within the KSA District on the eastern side of the Expo 2030 Riyadh masterplan, in the Loop of Nations district.

    Construction activity at the Expo site is accelerating, with Riyadh moving to award its first major vertical contracts and advancing infrastructure works across the programme.

    Last month, MEED reported that ERC had received contractor interest on 14 September for a contract to design and build a convention centre in the site’s Collaboration District.

    ERC also tendered a contract to deliver the Souq areas within the Expo site, as MEED exclusively reported on 8 September.

    These areas are divided into five precincts, with a total development area of about 300,000 square metres.

    Also in September, Saudi Arabia’s Royal Commission for Riyadh City awarded a design-and-build contract to construct a new metro station serving the Expo 2030 site.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.

    The scope covered the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle (EV) charging.

    These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners.

    That scope covered about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communications systems, as well as EV charging stations.

    The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event. Situated north of the Saudi capital, the site will be near the future King Salman International airport and will provide direct access to Riyadh landmarks.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20334856/main.jpg
    Yasir Iqbal
  • Kuwait on track to hit oil production target

    7 October 2026

    Kuwait is on track to meet its target of having 4 million barrels a day (b/d) of oil production capacity by 2035, according to Kuwait Petroleum Corporation (KPC) chief executive Shaikh Nawaf Al-Sabah.

    Al-Sabah also said Kuwait is on course to increase non-associated gas production to 2 billion cubic feet a day by 2040.

    His comments come amid an ongoing crisis in Kuwait’s oil and gas sector linked to the regional conflict that began when the US and Israel attacked Iran on 28 February.

    The subsequent war has significantly disrupted shipping through the Strait of Hormuz, which is a crucial export route for Kuwaiti crude oil.

    Kuwait is currently producing around 2 million b/d of oil, down from 2.6 million b/d before the US and Israel attack.

    Speaking at a conference in London, Al-Sabah said: “We have the capacity to go back up to our current maximum sustainable capacity of 3 million b/d, if we have the export routes available, and this comes down to the ability to move oil through the Strait.”

    KPC is investing $9bn-$10bn a year in capital expenditure to meet its oil and gas production goals, according to Al-Sabah.

    He said: “We are doing this because we recognise that it is our hydrocarbons that will be most in demand a decade from now, and two decades from now – in fact, for the rest of our lifetimes.”

    Project Seef

    KPC is pushing ahead with the Al-Seef project, which focuses on developing three large offshore oil discoveries, Al-Sabah said.

    The offshore fields are known as Nokhatha, Julaia and Jazza. The development was first announced in February this year, about two weeks before the US and Israel attack on Iran.

    Al-Sabah said KPC is continuing with the project and believes the three fields collectively hold more than 3 billion barrels of recoverable oil.

    He said: “We are asking international oil companies to partner with us to develop those resources under an operating services contract.

    “So, we’re moving ahead according to the exact same schedule that we had put together even before the war began.”

    Al-Sabah did not say which international oil companies KPC has approached to help develop the three offshore fields.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/20315147/main.jpg
    Wil Crisp
  • Roshn plans new flagship development in Riyadh

    7 October 2026

     

    Saudi developer Roshn Group plans to develop its next flagship scheme in north Riyadh, spanning an area of 13.7 square kilometres. 

    Roshn is looking to appoint lead design consultants to deliver detailed design, tender documentation and construction documents across the scheme, known as Plot 1.

    The scope covers all infrastructure, utilities, public realm works and site adaptation of Roshn’s residential prototypes, split across two work packages.

    Part 1 covers phases A, B and E, which collectively span about 7.8 million square metres (sq m) and will comprise 17,000 units.

    Part 2 includes phases C and D, which will span about 4.7 million sq m and comprise more than 15,000 units.

    The development is bordered by Expo 2030, King Abdulaziz Park, the Sports Innovation Lab Zone and the National Housing Company-developed Khozam district.

    It will be a residential-led mixed-use development, also featuring retail, offices, hospitality, education and civic facilities.

    Connectivity is a core plank of the masterplan, with two metro stations planned: one at the existing Line 4/proposed Line 7 interchange and another dedicated Line 7 stop. The scheme would also be served by the future Qiddiya high-speed rail and a possible King Salman Road diversion.

    Plot 1 builds on Roshn’s existing footprint in the capital, notably the multi-phase Sedra community, as the developer expands beyond single-family housing into mixed-use districts under its Roshn 3.0 strategy.

    Last month, Roshn Group announced that it had signed a preliminary agreement with Talaat Moustafa Group (TMG) Saudi, the local subsidiary of Egyptian developer Talaat Moustafa Group, to establish a joint venture to explore and develop a mixed-use project in Riyadh.

    Under the agreement, TMG will hold a 51% stake in the joint company, while Roshn Group will hold 49%.

    The agreement sets out a framework for the two groups to assess a potential partnership for the project’s phased development, which is planned as a residential-led, mixed-use community featuring retail, commercial, hospitality, leisure, healthcare and education facilities, alongside parks and public spaces.

    Roshn Group and TMG Saudi plan to conduct detailed master planning and develop the project’s business case.

    Preliminary studies indicate the development could include more than 55,000 residential units across all phases.

    Roshn Group did not disclose the exact project location in its announcement.

    As a Public Investment Fund-owned developer, Roshn remains a key vehicle for delivering Vision 2030’s housing programme, which targets 70% Saudi home ownership, alongside the kingdom’s wider quality-of-life and economic diversification agendas.

    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19786131/main.jpg
    Yasir Iqbal