Dubai, UAE – The UAE topped Forbes Middle East’s list of the 100 largest public companies by market value in the region for the year 2026, with 35 companies.
The most prominent of which were the International Holding Company (IHC), Taqa, ADNOC Gas, First Abu Dhabi Bank, and Emirates NBD Bank.
According to the list, Saudi Arabia ranked second in terms of the number of companies, with 34 companies.
It was followed by Qatar with 11 companies, then Morocco with 9 companies, and Kuwait with 6 companies.
Forbes Middle East said that despite market volatility during the year, major Middle Eastern companies succeeded in maintaining stability and even increased their market value amid the challenges.
The total market value of financial markets in the Middle East and North Africa region reached $4.3 trillion in January 2026, distributed across 12 financial markets.
The 100 largest public companies by market capitalization in the region also accounted for $3.7 trillion of this total, equivalent to 86% of it.
Which reflects the amount of concentrated value in large companies.
Saudi Arabia leads in size
Forbes Middle East explained that while this classification is based on market value data from 12 financial markets in 11 countries within the Middle East and North Africa region, with closing prices approved until January 31, 2026, Saudi Arabia topped the list in terms of volume.
The market value of Saudi companies included in the list of the 100 largest public companies in terms of market value in the region this year amounted to about $2.4 trillion, equivalent to about 64% of the total.
Much of this weight is due to Saudi Aramco, which topped the list with a market value of $1.7 trillion.
It alone represents about 40% of the total market value of listed companies in the region.
A different scene for the energy sector
Forbes Middle East explained that while the banking and financial services sector remains the most represented on the list, as it includes 34 companies with a total market value of $732.6 billion, the energy sector reflects a different scene.
Although it represents only 9 companies on the list, it has about $1.9 trillion in market value.
This highlights the strategic weight that hydrocarbons, including oil and gas, still represent for companies in the region.
Forbes Middle East said that in general, the Gulf Cooperation Council countries continue to dominate the list, acquiring about 88% of the total companies, and the UAE and Saudi Arabia share the top 10 positions equally.
10 COMPANIES
The list of the 10 largest public companies by market capitalization in the Middle East for 2026 included the following companies:
- Saudi Aramco, with a market value of $1.7 trillion.
- International Holding Company (IHC) in the UAE with a market value of $238.6 billion
- Al Rajhi Bank in Saudi Arabia, with a market value of $114.3 billion
- An energy group in the Emirates with a market value of $87.9 billion
- Saudi Arabian Mining Company (Maaden) with a market value of $80.2 billion
- ADNOC Gas UAE worth $75.4 billion
- Saudi SNB Group worth $71.8 billion
- STC Group Saudi Arabia worth $59.2 billion
- First Abu Dhabi Bank with a market value of $56 billion
- Emirates NBD Bank with a market value of $53.5 billion
