The United Arab Emirates has topped Forbes Middle East’s list of “The 100 Largest Public Companies by Market Capitalization in the Region for 2026,” boasting a total of 35 Emirati firms. This is followed closely by Saudi Arabia with 34 companies, Qatar with 11, Morocco with 9, and Kuwait with 6.
Major companies across the Middle East have not only maintained stability but have also increased their market values amidst challenges, thereby reinforcing their presence in capital markets and contributing to economic growth despite market fluctuations throughout the year.
As of January 2026, the total market capitalization of financial markets in the Middle East and North Africa stood at $4.3 trillion, spread across 12 financial markets. The top 100 public companies by market capitalization in the region accounted for $3.7 trillion of this total, approximately 86%, highlighting the significant value concentrated within these large enterprises.
This ranking is based on market capitalization data from 12 financial markets across 11 countries within the Middle East and North Africa, using closing prices as of January 31, 2026.
In terms of size, Saudi Arabia clearly dominated; the market capitalization of Saudi companies listed among the largest 100 companies this year reached around $2.4 trillion, representing about 64% of the total. A significant portion of this weight can be attributed to Saudi Aramco, which led the list with a market cap of $1.7 trillion, accounting for nearly 40% of the total market capitalization of companies in the region.
The banking and financial services sector remains the most represented in the ranking, including 34 companies with a combined market capitalization of $732.6 billion. In contrast, the energy sector presents a different scenario; despite comprising only 9 companies on the list, it captures about $1.9 trillion in market capitalization, underscoring the strategic importance that hydrocarbons still hold for companies in the region.
Overall, the Gulf Cooperation Council (GCC) countries continue to dominate the list, representing approximately 88% of all companies. The UAE and Saudi Arabia share the top 10 positions equally, solidifying their roles as key hubs for businesses in the area.
Here are the top 10 public companies in the Middle East for 2026:
1. Aramco – $1.7 trillion
2. International Holding Company – $238.6 billion
3. Al Rajhi Bank – $114.3 billion
4. Abu Dhabi National Energy Company – $87.9 billion
5. Saudi Arabian Mining Company – $80.2 billion
6. ADNOC Gas – $75.4 billion
7. National Commercial Bank – $71.8 billion
8. Saudi Telecom Group – $59.2 billion
9. First Abu Dhabi Bank – $56 billion
10. Emirates NBD – $53.5 billion