THE BUSINESS TOP 100 COMPANIES
The new order The past dozen months have seen fortunes lost but also, some made. The Gulf, one of the world’s most dynamic economic regions, witnessed a number of changes in the positioning of its top 100 businesses,says Mohammad HAWA.
F
or most equity investors in the Gulf, the last year is best forgotten. For some though, it has unveiled new horizons of opportunity. The mayhem in regional equities triggered by the global meltdown in 2008 washed billions of dollars out of the region, and in one fell swoop reversed the notion that Gulf equities were not correlated to world markets.
Taking stock Gulf Cooperation Council (GCC) stocks started to decline in September 2008 as ripples of the impending global recession were felt across the region, affecting investor confidence. The decline in equity markets was compounded by a
50
gulfbusiness.com November 2009
fall in real estate prices. In November, the region’s market capitalisation fell by $127 billion to $595 billion, representing nearly a four-year low. On the whole, GCC markets plummeted 56 per cent in 2008. The Gulf’s MSCI index, which measures stock funds, fell sharply by 57.5 per cent from the end of August 2008 to the trough on March 3, 2009. Technology stocks were the hardest hit. Although returns were negative across the board, healthcare and consumer staples emerged as the defensive sectors. Beginning 2009, GCC markets lost 10 per cent in the first quarter, before rebounding 27 per cent in the second quarter. The gains were fuelled by
a spike in crude oil prices and a rise in the Dow, Nasdaq, FTSE, S&P 500, Nikkei and emerging market indices. Total market capitalisation rose 18 per cent in the second quarter on renewed investor sentiment.
Rebound on global cue In April this year, economists and governments across the world signalled that the worst was probably over. Taking a cue from this, GCC stock markets started to rebound faster than expected, especially led by high-beta, technology, telecom, industrials and consumer stocks. Gulf markets have recovered with the MSCI GCC gaining 30.5 per cent year to date compared with an in-
THE BUSINESS TOP 100 COMPANIES
tar (up only 7.5 per cent) and Kuwait (down 1.7 per cent). The GCC region also generates the highest dividend yield (3.3 per cent in 09E) among all emerging market regions. Within the GCC, Qatar is the best play on dividend yield (4.0 per cent in 09E) and profitability (return on investment of 16.5 per cent in 09E). While most of the GCC region has been negatively affected by the credit crisis, Qatar and Saudi Arabia are relatively more secure. Qatar has benefited from strong government support, while Saudi Arabia has benefited from strong banking regulations and an under-leveraged economy. Fiscal spending could provide a positive surprise during Q4, as most of the GCC budgets are based on oil price assumptions ranging from $35 to $45 per barrel and Western Texas Intermediate crude oil is currently trading at $70 levels, with the year-to-date average being $58 per barrel. Easing of liquidity pressure is expected to reduce funding cost. Also, upcoming earnings numbers post Q3 (Q4 and Q1 2010) are likely to exhibit good growth on easy comparables. Trading activity should improve further following the end of Ramadan and the holiday season. The GCC region currently trades at a discount 12 per cent to emerging markets.
Most favoured sectors crease of 19.1 per cent in the S&P 500. Despite the rise, GCC markets are currently trading at a 12.3 per cent discount to emerging markets on a P/E 09E basis.
Defining moments A number of issues in particular had significant bearing on GCC markets in the past year, the most notorious being the collapse of Lehman Brothers, resulting in a meltdown in global markets. That was followed by a sharp drop in liquidity, which led to a fall in property prices and hence raised fears of a hike in non-performing loans of banks. Gulf markets then felt the pinch of the oil price decline, hinting at curtailed fiscal spending
due to lower state revenues. Most recently the region has been reeling under debt default of Kuwait investment companies, such as Global, and the scandals involving Saad Al Manea and Algosaibi Brothers.
Looking ahead Valuations are becoming more attractive – from a more than 30 per cent premium to their emerging market peers in early 2009 to a 12 per cent discount currently. Year-to-date, the MSCI GCC index has returned 30.5 per cent, underperforming emerging market peers by 31 per cent, and most importantly Russia by more than 56 per cent. On the regional level, Saudi Arabia, Dubai, and Abu Dhabi outperformed Qa-
The industrial sector, particularly chemicals, presents attractive valuations for long-term investors. Credit Suisse’s economists expect global gross domestic product (GDP) and index performance growth to bottom-out by Q4 2009. This could be attributed to benefits garnered from credit and fiscal stimulus gaining traction in the US and in the euro zone, which has been backed up by leading indicators. With the recent revisions in European GDP estimates, Credit Suisse’s global GDP forecast is now -0.9 per cent in 2009 and 4.1 per cent in 2010E respectively. The question we would now ask is how this translates into ethylene demand. Looking at the share of demand by region, we show that China, Western Europe, the US and Japan account for about 60 per cent of global ethylene demand. November 2009 gulfbusiness.com
51
THE BUSINESS TOP 100 COMPANIES
Figure: Recent primary listing in the GCC exchanges Country Listing Date Oversubscription 1st day Returns returns since listing Al Mouwasat Medical Services Saudi SE 09/02/2009 4.7x 19 % 38% National Petrochemical Company Saudi SE 08/08/2009 2.1x 31% 52% Saudi Steel Pipe Company Saudi SE 08/04/2009 3.4x 34% 24% ACE Arabia Cooperative Insurance Saudi SE 07/29/2009 11.4x 663% 530% AXA Cooperative Insurance Company Saudi SE 07/27/2009 5.7x 267% 265% Vodafone Qatar Qatar SE 07/22/2009 1.0x 14% -4% Al Rajhi Company for Cooperative Saudi SE 07/13/2009 9.0x 670% 645% Insurance Weqaya Takaful Insurance and Saudi SE 06/20/2009 3.3x 288% 239% Reinsurance Co Green Crescent Insurance Company* Abu Dhabi ADX 03/26/2009 76.9x 32% 33% Etihad Atheeb Telecommunication Saudi SE 03/21/2009 3.5x 55% 77% Drake and Scull International* Dubai DFM 03/16/2009 101.5x -26% 16%
Security
Issue size ($ m) 88 640 107 11 21 952 16
Market Cap ($ m) 405 1926 416 NA 195 2,264 397
21
182
38 80 333
90 476 634
Note: * Green Crescent Insurance Company and Drake and Scull International underwent IPOs in 2008. Source: BLOOMBERG PROFESSIONAL™, Zawya
We expect the consumption of ethylene to only pick up as we move towards the end of the year, when downstream units start to take in ethylene feedstock. Our top pick is Saudi Basic Industries Corporation (SABIC). This is because we expect sector rotation to continue from banks to petrochemicals in Saudi Arabia. SABIC is currently trading at a 30 per cent discount to mid-cycle valuations. We think that the company’s Q3 results should improve owing to higher oil prices, while growth numbers for Q4 and Q1 2010 are likely to look stronger given easy year-on-year comparables.
Banks Earnings growth is likely to be poor owing to flattening topline growth and rising costs. GCC banks reported robust year-on-year revenues growth in 2H 2008 and 1H 2009. In the case of UAE and Qatari banks, revenue growth in 1H 2009 was driven by margin expansion (thanks to higher asset yields on corporate book repricing and decreasing cost of funds) and balance sheet growth, which was mostly financed by government injection of liquidity rather than by consumer deposit growth.
Among Gulf countries the Qatar government has offered the strongest support to its banks. Qatar is best positioned for the asset quality down cycle; in our view Qatar has the highest asset quality globally, with an FY 2009E NPL ratio of 1.4 per cent and a provisioning coverage of 87.7 per cent. This is owing to its moderate real estate exposure, with a loan book concentration of 20.2 per cent in 2008. While the GCC banking sector appears better positioned than its global peers, our view is that non-performing loans could continue to increase until the end of full year 2010E and that UAE banks are likely to be the worst hit. We like all three Qatar banks under our coverage – Qatar National Bank (QNB), Commercial Bank of Qatar (CBQ) and Doha Bank – as we expect balance sheet growth to return and offset rising credit costs. Our top picks in Qatar are QNB (highest return on investment and least credit losses risk owing to high government sector exposure) and CBQ (attractive valuation and low gearing). We are selective on UAE banks, with our top picks being First Gulf Bank (FGB) and Union National Bank (UNB), owing to
SABIC is the largest company in the GCC, with a market cap of $64 billion. Apart from SABIC, the top 10 list is dominated by banks and telecom companies. 52
gulfbusiness.com November 2009
their attractive valuations, high capitalisation and high asset quality. We are bullish on Saudi banks as current valuations are significantly lower than historical averages and the recent agreement with Saad Group eases credit cost fears, with our top picks being SABB, Samba and Riyad Bank.
Telecoms Most of the telecom stocks in the GCC have rallied sharply this year, especially Zain, Qtel and Etisalat, which are also currently trading at their 2009 highs. Revenues of Saudi operators are likely to be hit by lower roaming charges during a slower Hajj season (owing to the swine flu). Gulf telecoms are currently cheaper than their emerging market peers on a 2009E P/E basis and should also generate a higher dividend yield in 2009E, on our estimates. Our top pick in the sector is Qtel, as it not only trades at the lowest 2009E P/E (7.8x), but should also generate the highest 2009E dividend yield (6.7 per cent), on our estimates.
Markets leading the charts Deposit rates in Saudi Arabia are at unprecedented lows (over 3 per cent negative spread on dividend yield) and we think that it will not be long before retail investors (94 per cent of trading activity) switch to equities. Tadawul index movement is also historically
THE BUSINESS TOP 100 COMPANIES
the sharpest in Q4; and Qatar, because although it appears to be underperforming since last year, it is actually the best performing regional market trough to current. We expect the Doha index to exhibit stronger returns in the next few quarters. Qatar’s economy is expected to grow the fastest, with Credit Suisse estimating real GDP growth at 7.1 per cent in 2009E and 12.5 per cent in 2010E. Saudi Arabia is likely to avoid recession this year with real GDP remaining flat.
The top 10 large cap, mid cap, and small cap SABIC is the largest company in the GCC, with a market cap of $64 billion. Apart from SABIC, the top 10 list is dominated by banks and telecom companies, though it also includes Qatar’s largest listed company: Industries Qatar (with interests in petrochemicals,
fertilisers and metals). On a regional basis, the top 10 is dominated by Saudi companies with five spots, followed by Kuwait and Qatar with two spots each, and the UAE having a solitary spot with Etisalat. The aggregate market cap of the top 10 companies has increased by 38.1 per cent year to date to $236 billion. The composition of the top 10 stocks has largely remained the same, save for Riyad Bank, which replaced Kuwait Finance House. The major change at the top of the table was Al Rajhi Bank moving to the second position at the expense of Saudi Telecom.
New Listings IPO market activity has been very low this year, with an aggregate nine new issues raising $1.9 billion in 9M 2009, compared with issues raising $11.7 billion in 9M 2008. There were no is-
sues in Q4 last year. There were a total of 11 listings in the GCC this year, with Drake & Skull and Green Crescent Insurance Co. listing despite having completed their issue last year. Saudi Arabia accounted for eight of the nine new issues this year, while Vodafone Qatar’s initial public offering was the largest issue, raising $952 million in July. The insurance sector accounted for four issues, while there were two issues in the telecom sector. Listings have not disappointed investors this year, with all 11 of them trading higher than their issue prices. Al Rajhi Company for Cooperative Insurance rose the highest on listing day (670 per cent) and has also provided the highest returns since listing (645 per cent) this year. Mohammad Hawa is head of MENA equity and financials research, Credit Suisse.
November 2009 gulfbusiness.com
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THE BUSINESS TOP 100 COMPANIES
Gulf Business Top 100 companies In The GCC 2009 Ranking 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
2008 Ranking 1 3 2 4 6 5 8 10 14 16 17 7 13 19 NA 18 20 12 24 15 21 40 9 23 11 25 36 22 39 30 49 29 34 51 35 31 41 37 26 45 60 42 144 28 32 44 38 59 75 71
Country KSA KSA KSA UAE Kuwait Qatar Kuwait KSA Qatar KSA KSA Kuwait KSA UAE Qatar KSA KSA KSA KSA KSA UAE KSA UAE UAE UAE KSA Qatar UAE KSA Qatar KSA KSA Qatar Kuwait KSA UAE Kuwait KSA KSA Qatar KSA UAE KSA Qatar UAE Kuwait UAE KSA UAE Bahrain
Company Saudi Basic Industries Corp Al Rajhi Bank Saudi Telecom Co Etisalat Zain Industries Qatar National Bank of Kuwait Samba Financial Group Qatar National Bank SAQ Riyad Bank Saudi Electricity Co Kuwait Finance House Saudi British Bank DP World Ltd Ezdan Real Estate Co QSC Rabigh Refining & Petrochemica Banque Saudi Fransi SAFCO Arab National Bank Kingdom Holding Co National Bank of Abu Dhabi PJS Etihad Etisalat Co Emaar Properties PJSC First Gulf Bank PJSC Emirates NBD PJSC Saudi Kayan Petrochemical Co Qatar Telecom Q-Tel QSC Dubai Financial Market Alinma Bank Qatar Islamic Bank Almarai Co Ltd Yanbu National Petrochemicals Commercial Bank of Qatar Agility Dar Al Arkan Real Estate Devel Aldar Properties PJSC Commercial Bank of Kuwait Saudi Arabian Mining Co-Maaden Zain KSA Qatar Gas Transport Co Nakilat SAVOLA du Jabal Omar Development Co Aamal Holding Dubai Islamic Bank Gulf Bank KSC Abu Dhabi Commercial Bank Saudi Hollandi Bank Abu Dhabi National Energy Co Ahli United Bank
Sector Industrial Banks Telecoms Telecoms Telecoms Industrial Banks Banks Banks Banks Electricity Banks Banks Services Real Estate & Construction Industrial Banks Industrial Banks Holding Company Banks Telecoms Real Estate & Construction Banks Banks Industrial Telecoms Finance Banks Banks Food & Beverages Industrial Banks Services Real Estate & Construction Real Estate & Construction Banks Industrial Telecoms Services Food & Beverages Telecoms Real Estate & Construction Holding Company Banks Banks Banks Banks Electricity Banks
Market Cap ($ m) 64,397 30,798 26,799 23,972 20,920 17,647 13,287 13,259 13,169 11,839 11,721 10,624 10,149 9,495 9,049 8,456 8,447 8,350 8,250 8,148 8,110 7,560 7,363 6,944 6,734 6,360 5,955 5,489 5,460 5,112 5,108 4,905 4,794 4,678 4,665 4,471 4,441 4,119 4,050 3,833 3,813 3,703 3,688 3,659 3,241 3,152 3,130 2,972 2,898 2,850
YTD returns 61% 45% 7% 56% 72% 27% 20% 12% 24% 48% 23% 8% 20% 51% 167% 133% 27% 57% 58% 3% 74% 34% 96% 112% 70% 63% 49% 113% 23% 21% 29% 121% 3% 96% 9% 70% -15% 57% 2% 17% 22% 57% 2% -14% 129% -46% 42% 8% 82% -6%
P/E (trailing) 28.8 17.3 10.4 11.3 16.1 12.1 14.8 10.9 12.8 18.5 42.4 19.4 13.6 19.7 28.4 NA 11.6 9.4 12.4 NA 10.5 10.2 NA 9.1 7.9 139.5 7.7 85.0 52.5 11.2 19.2 NA 10.2 9.0 8.5 8.5 12.4 76.0 NA 51.3 144.1 71.3 NA 23.2 9.7 NA 14.3 11.3 8.3 13.5
Source: Bloomberg (October 8, 2009)
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gulfbusiness.com November 2009
THE BUSINESS TOP 100 COMPANIES
Takaful contributions as % of totalTop premiums written In Gulf Business 100 companies 2009 Ranking 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100
2008 Ranking 62 43 64 53 54 61 65 47 57 69 66 88 92 52 48 48 NA 67 81 50 33 46 58 NA 79 91 86 78 74 97 95 120 76 94 NA 83 NA 103 99 110 124 90 118 70 104 87 77 55 121 108
Country Qatar UAE Kuwait Oman KSA Qatar KSA Qatar Qatar Kuwait Oman KSA Bahrain KSA UAE Kuwait Qatar KSA UAE Kuwait Kuwait Kuwait UAE KSA KSA Kuwait KSA UAE Qatar Kuwait KSA KSA KSA KSA UAE UAE Qatar UAE UAE KSA KSA KSA Bahrain UAE Kuwait Qatar UAE Kuwait Qatar Bahrain
Company Qatar Electricity & Water Co Sorouh Real Estate Co National Mobile Telecommunicat Oman Telecommunications Co National Industrialization Co Doha Bank QSC Saudi Industrial Investment Gr Barwa Real Estate Co Masraf Al Rayan Kuwait Foods (Americana) Bank Muscat SAOG Southern Province Cement Co Bahrain Telecom Co Emaar Economic City Union National Bank/Abu Dhabi Boubyan Bank KSC Vodafone Qatar Saudi Investment Bank Dana Gas PJSC Al Ahli Bank of Kuwait National Industries Group Hold Kuwait Investment Projects Co Commercial Bank of Dubai Saudi National Petrochemical C Saudi International Petrochem National Investments Co/Kuwait Saudi Cement Abu Dhabi Islamic Bank Qatar International Islamic Ba Bank of Kuwait & Middle East Yamamah Saudi Cement Co Qassim Cement/The Bank Albilad Bank Al-Jazira United Arab Bank Arkan Building Materials Co Al Khaliji Air Arabia National Bank of Umm Al Qaiwai Yanbu Cement Jarir Marketing Co National Shipping Co of Saudi National Bank Of Bahrain Dubai Investments PJSC Gulf Cable & Electrical IND Qatar Insurance Co Deyaar Development Burgan Bank Qatar Fuel Co Arab Banking Corp/Bahrain
Sector Electricity Real Estate & Construction Telecoms Telecoms Industrial Banks Industrial Real Estate & Construction Banks Food & Beverages Banks Real Estate & Construction Telecoms Real Estate & Construction Banks Banks Telecoms Finance Industrial Banks Real Estate & Construction Holding Company Banks Industrial Industrial Finance Real Estate & Construction Banks Banks Banks Real Estate & Construction Real Estate & Construction Banks Banks Banks Real Estate & Construction Banks Services Banks Real Estate & Construction Services Services Banks Finance Industrial Services Real Estate & Construction Banks Services Banks
The GCC Market Cap ($ m) YTD returns P/E (trailing) 2,772 -4% 12.3 2,770 35% 9.5 2,729 -17% 6.6 2,727 -4% 9.0 2,721 83% 33.1 2,688 54% 9.4 2,682 123% NA 2,618 20% 20.9 2,616 26% 9.0 2,582 54% 49.9 2,557 19% 10.2 2,445 53% 12.4 2,445 11% 8.6 2,346 16% NA 2,325 114% 7.0 2,319 39% NA 2,253 NA NA 2,220 12% 20.6 2,075 115% 18.1 2,053 -27% 28.0 2,035 5% NA 2,015 9% NA 1,970 27% 10.2 1,939 NA NA 1,929 48% 34.8 EXPLAINING ISLAMIC NA 1,801 15% INSURANCE 1,788 24% 11.3 1,765 36% 8.2 akaful looks to avoid the 1,743 -9% 15.4 religiously problematic aspects of 1,737 10% 16.0 conventional risk management 1,724 55% 13.6 services by separating shareholder 1,701 from policyholder 93% funds. 12.7 funds 1,700 -24% is a 95.9 Through Takaful there commitment to distribute technical 1,624 38% 31.6 profits 1,601 to policyholders, -7% and 22.4 investment in non-Shari’ah compliant 1,525 -47% NA assets avoided. It is 1,523 is studiously8% 53.5 also principle of mutual 1,487based on the 45% 10.0 assistance and voluntary contribution 1,482 -13% 16.3 –1,463 where risk is shared and 49% collectively 10.1 voluntarily by a group of participants. 1,451 11% 15.6 Through the payment of a voluntary 1,441 14% 8.5 donation and the clear definition of the 1,434 10% 15.5 type of loss, impermissible elements 1,427 69% 4.9 such as ‘uncertainty’ and ‘excessive 1,422 102% NA risk-taking’ are removed from the 1,421 41% 11.9 contract. Hence, it overcomes 1,416 80% 6.7 scholars’ objections to traditional 1,400 -42% 155.1 forms of insurance, which are seen as 1,394to gambling. 40% 4.0 akin 1,380 -25% NA
T
Source: Bloomberg (October 8, 2009)
November 2009 gulfbusiness.com
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THE BUSINESS TOP 100 COMPANIES
Ranked by country 2009 2008 Ranking Ranking
Company
Sector
Market Cap ($ m)
United Arab Emirates 4
4
14
2009 2008 Ranking Ranking
Company
Sector
Market Cap ($ m)
Kuwait
Etisalat
Telecoms
23,972
66
48
Boubyan Bank KSC
Banks
2,319
19
DP World Ltd
Commercial Services
9,495
70
50
Al Ahli Bank of Kuwait
Banks
2,053
21
21
National Bank of Abu Dhabi PJS
Banks
8,110
71
33
National Industries Group Hold
Real Estate & Construction
2,035
23
9
Emaar Properties PJSC
Real Estate & Construction
7,363
72
46
Kuwait Investment Projects Co
Holding Company
2,015
24
23
First Gulf Bank PJSC
Banks
6,944
76
91
National Investments Co/Kuwait
Diversified Finan Serv
1,801
25
11
Emirates NBD PJSC
Banks
6,734
80
97
Bank of Kuwait & Middle East
Banks
1,737
28
22
Dubai Financial Market
Diversified Finan Serv
5,489
95
104
Gulf Cable & Electrical IND
Industrial
1,422
36
36
Aldar Properties PJSC
Real Estate & Construction
4,471
98
55
Burgan Bank
Banks
1,400
42
42
du
Telecoms
3,703
45
32
Dubai Islamic Bank
Banks
3,241
1
1
Saudi Basic Industries Corp
Industrial
64,397
47
38
Abu Dhabi Commercial Bank
Banks
3,130
2
3
Al Rajhi Bank
Banks
30,798
49
75
Abu Dhabi National Energy Co
Electricity
2,898
3
2
Saudi Telecom Co
Telecoms
26,799
52
43
Sorouh Real Estate Co
Real Estate & Construction
2,770
8
10
Samba Financial Group
Banks
13,259
65
48
Union National Bank/Abu Dhabi
Banks
2,325
10
16
Riyad Bank
Banks
11,839
69
81
Dana Gas PJSC
Industrial
2,075
11
17
Saudi Electricity Co
Electricity
11,721
73
58
Commercial Bank of Dubai
Banks
1,970
13
13
Saudi British Bank
Banks
10,149
78
78
Abu Dhabi Islamic Bank
Banks
1,765
16
18
Rabigh Refining & Petrochemica
Industrial
8,456
85
NA
United Arab Bank
Banks
1,601
17
20
Banque Saudi Fransi
Banks
8,447
86
83
Arkan Building Materials Co
Building Materials
1,525
18
12
SAFCO
Industrial
8,350
88
103
Air Arabia
Services
1,487
19
24
Arab National Bank
Banks
8,250
89
99
National Bank of Umm Al Qaiwai
Banks
1,482
20
15
Kingdom Holding Co
Holding Company
8,148
94
70
Dubai Investments PJSC
Finance
1,427
22
40
Etihad Etisalat Co
Telecoms
7,560
97
77
Deyaar Development
Real Estate & Construction
1,416
26
25
Saudi Kayan Petrochemical Co
Industrial
6,360
29
39
Alinma Bank
Banks
5,460
Qatar 6
5
9
Kingdom of Saudi Arabia
Industries Qatar
Industrial
17,647
31
49
Almarai Co Ltd
Food & Beverages
5,108
14
Qatar National Bank SAQ
Banks
13,169
32
29
Yanbu National Petrochemicals
Chemicals
4,905
15
NA
Ezdan Real Estate Co QSC
Real Estate & Construction
9,049
35
35
Dar Al Arkan Real Estate Devel
Real Estate & Construction
4,665
27
36
Qatar Telecom Q-Tel QSC
Telecoms
5,955
38
37
Saudi Arabian Mining Co-Maaden Mining
4,119
30
30
Qatar Islamic Bank
Banks
5,112
39
26
Zain KSA
Telecoms
4,050
33
34
Commercial Bank of Qatar
Banks
4,794
41
60
SAVOLA
Food & Beverages
3,813
40
45
Qatar Gas Transport Co Nakilat
Services
3,833
43
144
Jabal Omar Development Co
Real Estate & Construction
3,688
44
28
Aamal Holding
Holding Company
3,659
48
59
Saudi Hollandi Bank
Banks
2,972
51
62
Qatar Electricity & Water Co
Electricity
2,772
55
54
National Industrialization Co
Holding Company
2,721
56
61
Doha Bank QSC
Banks
2,688
57
65
Saudi Industrial Investment Gr
Holding Company
2,682
58
47
Barwa Real Estate Co
Real Estate & Construction
2,618
62
88
Southern Province Cement Co
Building Materials
2,445
59
57
Masraf Al Rayan
Banks
2,616
64
52
Emaar Economic City
Real Estate & Construction
2,346
67
NA
Vodafone Qatar
Telecoms
2,253
68
67
Saudi Investment Bank
Diversified Finan Serv
2,220
79
74
Qatar International Islamic Ba
Banks
1,743
74
NA
Saudi National Petrochemical C
Chemicals
1,939
87
NA
Al Khaliji
Banks
1,523
75
79
Saudi International Petrochem
Chemicals
1,929
96
87
Qatar Insurance Co
Insurance
1,421
77
86
Saudi Cement
Building Materials
1,788
99
121
Qatar Fuel Co
Industrial
1,394
81
95
Yamamah Saudi Cement Co
Building Materials
1,724
82
120
Qassim Cement/The
Building Materials
1,701
Oman 54
53
Oman Telecommunications Co
Telecoms
2,727
83
76
Bank Albilad
Banks
1,700
61
66
Bank Muscat SAOG
Banks
2,557
84
94
Bank Al-Jazira
Banks
1,624
90
110
Yanbu Cement
Building Materials
1,463
Jarir Marketing Co
Services
1,451
Kuwait 5
6
Zain
Telecoms
20,920
91
124
7
8
National Bank of Kuwait
Banks
13,287
92
90
National Shipping Co of Saudi
Services
1,441
12
7
Kuwait Finance House
Banks
10,624
34
51
Agility
Services
4,678
50
71
Ahli United Bank
Banks
2,850
37
41
Commercial Bank of Kuwait
Banks
4,441
63
92
Bahrain Telecom Co
Telecoms
2,445
46
44
Gulf Bank KSC
Banks
3,152
93
118
National Bank Of Bahrain
Banks
1,434
53
64
National Mobile Telecommunicat
Telecoms
2,729
100
108
Arab Banking Corp/Bahrain
Banks
1,380
60
69
Kuwait Foods (Americana)
Food & Beverages
2,582
56
gulfbusiness.com November 2009
Bahrain
Source: Bloomberg (October 8, 2009)
THE BUSINESS TOP 100 COMPANIES
Ranked by Sector 2009 Ranking
2008 Ranking
Country
Company
Market Cap ($ m)
2009 Ranking
2008 Ranking
Country
Company
Market Cap ($ m)
35
35
KSA
Dar Al Arkan Real Estate Devel
4,665
3
2
KSA
Saudi Telecom Co
26,799
36
36
UAE
Aldar Properties PJSC
4,471
4
4
UAE
Etisalat
23,972
43
144
KSA
Jabal Omar Development Co
3,688
5
6
Kuwait
Zain
20,920
52
43
UAE
Sorouh Real Estate Co
2,770
22
40
KSA
Etihad Etisalat Co
7,560
58
47
Qatar
Barwa Real Estate Co
2,618
27
36
Qatar
Qatar Telecom Q-Tel QSC
5,955
62
88
KSA
Southern Province Cement Co
2,445
39
26
KSA
Zain KSA
4,050
64
52
KSA
Emaar Economic City
2,346
42
42
UAE
du
3,703
71
33
Kuwait
National Industries Group Hold
2,035
53
64
Kuwait
National Mobile Telecommunicat
2,729
77
86
KSA
Saudi Cement
1,788
54
53
Oman
Oman Telecommunications Co
2,727
81
95
KSA
Yamamah Saudi Cement Co
1,724
63
92
Bahrain
Bahrain Telecom Co
2,445
82
120
KSA
Qassim Cement/The
1,701
67 Banks 2
NA
Qatar
Vodafone Qatar
2,253
86
83
UAE
Arkan Building Materials Co
1,525
90
110
KSA
Yanbu Cement
1,463
3
KSA
Al Rajhi Bank
30,798
97
77
UAE
Deyaar Development
1,416
7
8
Kuwait
National Bank of Kuwait
13,287
8
10
KSA
Samba Financial Group
13,259
1
1
KSA
Saudi Basic Industries Corp
64,397
9
14
Qatar
Qatar National Bank SAQ
13,169
6
5
Qatar
Industries Qatar
17,647
10
16
KSA
Riyad Bank
11,839
16
18
KSA
Rabigh Refining & Petrochemica
8,456
12
7
Kuwait
Kuwait Finance House
10,624
18
12
KSA
SAFCO
8,350
13
13
KSA
Saudi British Bank
10,149
26
25
KSA
Saudi Kayan Petrochemical Co
6,360
Banque Saudi Fransi Arab National Bank National Bank of Abu Dhabi PJS First Gulf Bank PJSC Emirates NBD PJSC Alinma Bank Qatar Islamic Bank Commercial Bank of Qatar Commercial Bank of Kuwait Dubai Islamic Bank Gulf Bank KSC Abu Dhabi Commercial Bank Saudi Hollandi Bank Ahli United Bank Doha Bank QSC Masraf Al Rayan Bank Muscat SAOG Union National Bank/Abu Dhabi Boubyan Bank KSC Al Ahli Bank of Kuwait Commercial Bank of Dubai Abu Dhabi Islamic Bank Qatar International Islamic Ba Bank of Kuwait & Middle East Bank Albilad Bank Al-Jazira United Arab Bank Al Khaliji National Bank of Umm Al Qaiwai National Bank Of Bahrain Burgan Bank Arab Banking Corp/Bahrain
8,447 8,250 8,110 6,944 6,734 5,460 5,112 4,794 4,441 3,241 3,152 3,130 2,972 2,850 2,688 2,616 2,557 2,325 2,319 2,053 1,970 1,765 1,743 1,737 1,700 1,624 1,601 1,523 1,482 1,434 1,400 1,380
32
29
KSA
Yanbu National Petrochemicals
4,905
38
37
KSA
Saudi Arabian Mining Co-Maaden
4,119
55
54
KSA
National Industrialization Co
2,721
57
65
KSA
Saudi Industrial Investment Gr
2,682
69
81
UAE
Dana Gas PJSC
2,075
74
NA
KSA
Saudi National Petrochemical Co
1,939
75
79
KSA
Saudi International Petrochem
1,929
95
104
Kuwait
Gulf Cable & Electrical IND
1,422
Telecom
17 20 KSA 19 24 KSA 21 21 UAE 24 23 UAE 25 11 UAE 29 39 KSA 30 30 Qatar 33 34 Qatar 37 41 Kuwait 45 32 UAE 46 44 Kuwait 47 38 UAE 48 59 KSA 50 71 Bahrain 56 61 Qatar 59 57 Qatar 61 66 Oman 65 48 UAE 66 48 Kuwait 70 50 Kuwait 73 58 UAE 78 78 UAE 79 74 Qatar 80 97 Kuwait 83 76 KSA 84 94 KSA 85 NA UAE 87 NA Qatar 89 99 UAE 93 118 Bahrain 98 55 Kuwait 100 108 Bahrain Real Estate & construction 15 NA Qatar 23 9 UAE
Ezdan Real Estate Co QSC Emaar Properties PJSC
9,049 7,363
Industrial
Finance 28
22
UAE
Dubai Financial Market
5,489
68
67
KSA
Saudi Investment Bank
2,220
76
91
Kuwait
National Investments Co/Kuwait
1,801
94
70
UAE
DP World Ltd
1,427
11
17
KSA
Saudi Electricity Co
11,721
49
75
UAE
Abu Dhabi National Energy Co
2,898
51
62
Qatar
Qatar Electricity & Water Co
2,772
Electricity
Food & Beverages 31
49
KSA
Almarai Co Ltd
5,108
41
60
KSA
SAVOLA
3,813
60
69
Kuwait
Kuwait Foods (Americana)
2,582
14
19
UAE
DP World Ltd
9,495
34
51
Kuwait
Agility
4,678
40
45
Qatar
Qatar Gas Transport Co Nakilat
3,833
88
103
UAE
Air Arabia
1,487
91
124
KSA
Jarir Marketing Co
1,451
92
90
KSA
National Shipping Co of Saudi
1,441
96
87
Qatar
Qatar Insurance Co
1,421
99
121
Qatar
Qatar Fuel Co
1,394
Services
Holding Company 20
15
KSA
Kingdom Holding Co
8,148
44
28
Qatar
Aamal Holding
3,659
72
46
Kuwait
Kuwait Investment Projects Co
2,015
Source: Bloomberg (October 8, 2009)
November 2009 gulfbusiness.com
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