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
  • Abu Dhabi selects team for 3.3GW Al-Nouf IPP

    9 June 2026

     

    State utility Emirates Water & Electricity Company (Ewec) has selected a preferred developer and contractor for the 3.3GW Al-Nouf independent power producer (IPP) project in Abu Dhabi, according to sources.

    Located within the newly established Al-Nouf complex, the facility will be the largest single-site, carbon-capture-ready, combined-cycle gas turbine plant in the UAE. 

    Japan’s Sumitomo Corporation has been selected as the preferred developer, with the power-purchase agreement (PPA) expected to be signed in the coming weeks, sources said.

    It is also understood that a joint venture of Spain’s Tecnicas Reunidas and Egypt’s Orascom Construction has been picked as the preferred engineering, procurement and construction (EPC) contractor.

    Three developer consortiums submitted bids earlier this year, along with Sumitomo as the only company to bid individually.

    The bidders included:

    • Aljomaih Energy & Water (Saudi Arabia) / Sembcorp Industries (Singapore) / EDF Power Solutions (France)
    • Engie (France) / Korea Overseas Infrastructure & Urban Development Corporation (Kind) / Korea Western Power Company (Kowepo)
    • Korea Electric Power Corporation (Kepco) / Etihad Water & Electricity (EtihadWE) (UAE)
    • Sumitomo (Japan) 

    Ewec issued a request for proposals for the project last August. It had previously received statements of qualifications for the contract in April 2025.

    This follows confirmation earlier this month that Ewec has signed a PPA with a developer consortium for the 2.5GW Taweelah C IPP project.

    A team of UK-based Alderbrook Finance and US-based Sargent & Lundy is providing financial and technical advisory services to Ewec for the Taweelah C IPP.

    As MEED previously reported, both projects are following the model of Abu Dhabi’s IPP programme, in which developers enter into a long-term agreement with Ewec as the sole procurer. 

    This involves the development, financing, construction, operation, maintenance and ownership of the plant, with the successful developer or developer consortium owning up to 40% of the entity. The remaining equity will be held indirectly by the Abu Dhabi government.

    The project site for the Al-Nouf plant was selected for its ability to accommodate both seawater-cooled power generation and reverse osmosis desalination technologies. The plant will have the capacity to support several utility-scale energy and desalination projects in the future.

    The facility is scheduled to begin commercial operations in the third quarter of 2029.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17155245/main.jpg
    Mark Dowdall
  • Zoom launches new Saudi data centre at center3

    9 June 2026

    Zoom has announced a new data centre in Saudi Arabia to boost in-kingdom capacity for government and enterprise customers requiring local data residency.

    In a statement, Zoom said the data centre is located within center3, a Saudi-headquartered provider of carrier-neutral data centres and subsea cable systems linking Europe, Asia and Africa. Zoom said the data centre builds on its broader investment plans in the kingdom, including a $75m commitment made last year focused on artificial intelligence (AI)-enabled innovation and the advanced infrastructure required to scale it.

    Zoom said its existing regional data centre, established in 2023, already supports customers with local data residency requirements, while the new site will enhance services for government entities, enterprises and critical national infrastructure organisations.

    AI is an important part of Saudi Arabia’s economic growth plans leading up to 2030. In January, government officials confirmed that as the global economy is evolving rapidly with the rise of AI, some projects such as The Line at Neom have slowed down, while other projects related to the World Cup, Expo 2030, technology and AI have accelerated. 

    The largest AI project in the kingdom is being developed by Humain, which is owned by the Public Investment Fund (PIF). In May, it issued a tender inviting firms to develop infrastructure for its planned 6GW hyperscale AI data centre campus in Riyadh.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17155250/main.jpg
    Colin Foreman
  • Joint venture confirms Saudi rail construction deal

    9 June 2026

    A joint venture of OHL Arabia, the Saudi subsidiary of Spain’s OHLA, and Hassan Allam Construction Saudi Company, a subsidiary of Egypt’s Hassan Allam Holding, has confirmed it has been awarded the contract to complete construction works on the Dammam 2nd Industrial City railway connection project in Saudi Arabia.

    In a statement, the companies said they will deliver the full scope of civil engineering and railway works, including the development of a 22.7-kilometre single-track railway supported by extensive civil foundations, earthworks and track infrastructure. The project also includes major structures, notably a 265-metre bridge over Highway HW615 and a 118-metre bridge over the Aramco Pipeline Corridor.

    The scope also covers the installation of signalling and telecommunications systems, as well as all works required by Saudi Electricity Company to ensure full integration of the new line into the wider network. MEED reported in January that OHL and Hassan Allam had been selected for the SR500m ($133m) contract. SAR tendered the contract in April 2025.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17154866/main.jpg
    Colin Foreman
  • Construction of $13bn Trans-Sahara gas pipeline starts in Algeria

    9 June 2026

    On-the-ground work on the Trans-Saharan Gas Pipeline (TSGP) has officially started, according to a statement from Algeria’s oil and gas ministry.

    Project work has begun in southern Algeria, and the project will be jointly supervised by the oil and gas ministries of Algeria, Nigeria and Niger, the statement said.

    The project is estimated to be worth $13bn-$25bn.

    It will span more than 4,000 kilometres from Nigeria to Algeria and is jointly sponsored by Nigerian National Petroleum Company (NNPC), Algeria’s Sonatrach and Niger’s Sonidep.

    Designed to link gas fields in Nigeria through Niger to Algeria, the pipeline will connect to existing Mediterranean pipelines that are linked to European gas networks.

    The start of work on the Algerian section of the pipeline was hailed as a “historic event” by Algeria’s oil and gas ministry.

    It said that a ceremony to launch the project was attended by Algeria’s oil and gas minister Mohamed Arkab, his Nigerian counterpart Ekperikpe Ekpo and Niger’s Hamadou Tini.

    The heads of the state-owned companies Sonatrach, NNPC and Sonidep also attended the ceremony.

    The pipeline is designed to transport between 20 billion and 30 billion cubic metres of natural gas annually.

    In its statement, Algeria’s oil and gas ministry said that officials had adopted the final feasibility study prepared by UK-based Penspen.

    The contract was awarded to Penspen in March last year, with a six-month completion period.

    In March last year, Penspen said that the pipeline was “a landmark infrastructure project with the potential to transform African energy dynamics, enhance economic integration and bolster global energy security”.

    It also said: “This ambitious initiative is poised to unlock new economic opportunities for transit countries, foster regional cooperation and support Africa’s growing energy demand.”

    The TSGP project was initiated in 2002 by the collaborative efforts of Nigeria and Algeria, with Niger admitted as a co-sponsor in 2008.

    Penspen delivered the original feasibility study for the project in 2006, finding the pipeline to be technically and economically feasible and reliable.

    Last year, Penspen was engaged to revalidate and update the feasibility study, considering earlier route options.

    The study included an analysis of the regional gas market. It also included environmental and social evaluations, economic and financial analysis, cost estimation, legislation and consultation reviews, risk analysis, and the development of the scope of work for the front-end engineering and design work.

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

    GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

    Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17150012/main.jpg
    Wil Crisp
  • Lebanon taps foreign players to assess resource potential

    8 June 2026

     

    Lebanon’s oil and gas sector received a major boost in January this year when French energy major TotalEnergies, Italy’s Eni and QatarEnergy signed an agreement with the Lebanese government to enter the Block 8 concession in the country’s territorial waters and explore for gas reserves.

    Under the terms of the deal, TotalEnergies will operate Block 8 and hold a 35% interest, while Eni and QatarEnergy will hold 35% and 30% stakes, respectively.

    Block 8 has long been considered the most promising exploration area in Lebanese waters, but previous efforts to award the exploration permit were repeatedly delayed amid concerns over border tensions and political instability.

    The block lies along the previously disputed maritime boundary between Lebanon and Israel. In 2022, the two countries signed an agreement to resolve the long-running maritime border dispute.

    In a statement, TotalEnergies said: “The consortium's initial work programme on Block 8 consists of the acquisition of a 1,200-square-kilometre 3D seismic survey in order to further assess the area’s exploration potential.”

    Exploration efforts

    The Lebanese Petroleum Administration hopes that international oil companies will make discoveries that will help bolster the country’s struggling economy.

    Lebanon signed its first offshore oil and gas exploration and production agreement in February 2018, awarding Blocks 4 and 9 to a consortium comprising TotalEnergies, Eni and Russia's Novatek following a licensing round in 2017.

    In January 2023, QatarEnergy replaced Novatek in the consortium.

    Under the agreement, QatarEnergy acquired Novatek’s 20% stake, as well as 5% each from TotalEnergies and Eni, giving the Qatari company a total stake of 30%. TotalEnergies and Eni each retained a 35% interest.

    In TotalEnergies’ latest statement, chairman and CEO Patrick Pouyanne said: “Although the drilling of the Qana 31/1 well in Block 9 did not yield positive results, we remain committed to pursuing our exploration activities in Lebanon.

    “We will now focus our efforts on Block 8, together with our partners Eni and QatarEnergy and in close cooperation with the Lebanese authorities.”

    Futile attempts

    More broadly, Lebanon’s offshore oil and gas sector faces an uncertain outlook, characterised by persistent delays, regional conflict and limited exploration activity.

    Despite hopes that maritime agreements and improved diplomatic relations would trigger an energy boom, Lebanon currently produces virtually no oil or natural gas. Political bottlenecks, regional instability and previous dry wells have increasingly shifted attention towards alternative domestic energy solutions.

    Lebanon’s ambition to become a hydrocarbon producer remains unfulfilled due to a combination of commercial and political obstacles. Initial optimism was tempered when consortiums led by TotalEnergies announced that no commercially viable gas discoveries had been made in either Block 4 or Block 9.

    Despite holding licences for potentially prospective acreage, international companies have remained largely inactive in pursuing further deepwater exploration.

    Meanwhile, Lebanon’s third offshore licensing round, launched in 2024, has continued to face delays. Nine offshore blocks within the country’s exclusive economic zone were offered, but interest from exploration and production companies has been limited. As a result, the government has repeatedly extended submission deadlines.

    Although the landmark 2022 maritime boundary agreement with Israel removed a major obstacle to exploration in southern waters, regional security concerns continue to influence the pace of development.

    In late 2025, Lebanon approved a maritime boundary demarcation agreement with Cyprus aimed at clarifying jurisdictional rights and attracting investment to offshore areas.

    Progress in northern waters also remains stalled. More than 652 square kilometres of offshore acreage overlap between Lebanese- and Syrian-claimed waters, making any resolution politically sensitive and diplomatically complex.

    Regional volatility continues to weigh on investor confidence. While periodic ceasefires may provide temporary relief, ongoing tensions across the region still make large-scale energy infrastructure investments highly risky.

    READ: Activity ramps up in Syria’s oil and gas sector

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17145363/main.gif
    Indrajit Sen