Abu Dhabi, UAE — The market capitalization of the top 20 listed companies in the local stock markets by market capitalization reached AED 2.8 trillion ($762.44 billion) by the end of this week, while further growth is expected in line with the markets’ plans to double their market capitalization to around AED 6 trillion in the coming years.
The market capitalization of the local equity markets has strengthened significantly during the last period, mainly supported by the strength of the national economy, gains in listed shares, increased demand from international investors, in addition to new listings.
The 20 listed companies accounted for 77.6 per cent or AED 2.79 trillion of the total market capitalization of the local equity markets of AED 3.59 trillion.
Global Holding came out on top with a market capitalization of more than AED 912.29 billion, equivalent to 25.4 percent of the capitalization of local markets, followed by Abu Dhabi National Energy Company (TAQA) with a market capitalization of more than AED 296.8 billion and a share of 8.25 percent, and ADNOC Gas with AED 240.2 billion, representing 6.7 percent of the total capitalization of local markets.
The market capitalization of former A&Etisalat reached AED 161.5 billion with a share of 4.5 percent, followed by First Abu Dhabi Bank (FAB) with AED 147.6 billion (4.1 percent), Emirates NBD (AED 127.9 billion) and Dubai Electricity and Water Authority (DEWA) with AED 119 billion.
Borouge plc had a market capitalization of more than AED 77.8 billion, Emaar Properties AED 77.6 billion, ADNOC Drilling AED 74.2 billion, Abu Dhabi Commercial AED 63.7 billion, Aldar Properties AED 59.6 billion and Q Holding AED 51 billion.
Abu Dhabi Islamic Bank recorded a market capitalization of AED 47.6 billion, Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) of AED 45.6 billion, Dubai Islamic Bank (AED 44.7 billion), Mashreq (AED 42.7 billion), Peru Health Holding (AED 41 billion) and ADNOC Logistics and Services (AED 40.5 billion).