A GCC market trading hall
Dubai Financial Market (DFM) led its peers, wrapping up 2024 with an annual rise of 27% and adding 1,099 points to close at 5,158.7.
Boursa Kuwait came in second with a 5% annual hike, ending 2024 at 7,838.8 points with a 362-point gain. Muscat Stock Exchange (MSX), Bahrain Bourse, and Tadawul All Share Index (TASI) indices edged up by around 1% each compared to 2023 levels.
On the other hand, Qatar Stock Exchange (QSE) fell 2.4% to 10,571.1 points, losing 259.5 points in 2024. Abu Dhabi Securities Exchange (ADX) followed with a 2% annual decline, closing at 9,419 points with a 159-point drop.
The 2024 gains across GCC equity markets were buoyed by several influential factors, most notably the rise in most global markets particularly in the US, and three Federal Reserve rate cuts during the year.
The following table details GCC equity markets’ performance in 2024:
|
GCC equity markets performance in 2024 |
||||
|
Market |
December 2023 |
December 2024 |
Change (Points) |
Change % |
|
Dubai |
4059.80 |
5158.67 |
1098.87 |
+27% |
|
Kuwait* |
7477.04 |
7838.76 |
361.72 |
+5% |
|
Muscat |
4514.07 |
4551.63 |
37.56 |
+1% |
|
Bahrain |
1971.49 |
1985.91 |
14.42 |
+1% |
|
Saudi Arabia |
11967.39 |
12036.50 |
69.11 |
+1% |
|
Abu Dhabi |
9577.85 |
9419.00 |
(158.85) |
(2%) |
|
Qatar |
10830.63 |
10571.09 |
(259.54) |
(2%) |
Traded values in GCC markets for 2024:
GCC traded values rose at an annualized rate of about 29% in 2024, reaching $699.9 billion, up from $541.2 billion in 2023.
These gains were fueled by higher traded values for most Gulf equity markets. Saudi Arabia’s TASI spearheaded this increase with a 40% annual leap to total $496.6 billion by 2024-end, compared to $355.5 billion in 2023. Boursa Kuwait followed, up 43% on a yearly basis to $48.3 billion in 2024, from $33.8 billion in the year before.
Bahrain Bourse, MSX, ADX, and DFM recorded annual gains of 52%, 11%, 7%, and 5%, respectively, in 2024.
However, QSE slumped at an annualized rate of 15%, with its traded value dropping to $29.3 billion in 2024, from $34.4 billion in the previous year, as indicated below:
Traded value of GCC equity markets ($ bln)
|
Market |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Saudi Arabia |
232.2 |
234.7 |
556.7 |
596.2 |
455.5 |
355.5 |
*496.6 |
|
Abu Dhabi |
10.8 |
15.5 |
19.8 |
100.7 |
122.8 |
87.2 |
93.3 |
|
Kuwait |
13.6 |
26.2 |
35.7 |
44.9 |
47.7 |
33.8 |
48.3 |
|
Qatar |
18.8 |
18.6 |
29.1 |
31.0 |
44.1 |
34.4 |
29.3 |
|
Dubai |
16.3 |
14.5 |
17.9 |
19.7 |
24.4 |
26.8 |
28.2 |
|
Muscat |
2.0 |
1.9 |
1.1 |
2.1 |
2.4 |
2.9 |
3.3 |
|
Bahrain |
0.87 |
0.75 |
0.56 |
0.52 |
0.45 |
0.56 |
0.85 |
|
Total |
294.6 |
312.2 |
660.9 |
795.1 |
697.3 |
541.2 |
699.9 |
Key metrics in 2024:
By the end of 2024, the overall GCC market capitalization added $126.53 billion to $2.37 trillion, up from $2.25 trillion in 2023.
DFM had the lowest 12-month P/E ratio among GCC markets at 9.6x, followed by MSX at 10.2x. TASI and ADX recorded the highest P/E ratios at 23.95x and 23.52x, respectively, as the following table shows:
|
Key metrics at 2024-end |
||||
|
Market |
Market Value ($ bln) |
P/E ratio (×) |
Book Value (×) |
|
|
December 2023 |
December 2024 |
December 2024 |
December 2024 |
|
|
Dubai |
187.34 |
247.12 |
9.61 |
1.69 |
|
Muscat |
61.89 |
71.75 |
10.16 |
0.93 |
|
Bahrain |
20.66 |
20.48 |
12.02 |
1.02 |
|
Qatar |
171.60 |
170.57 |
12.45 |
1.33 |
|
Kuwait |
130.44 |
142.06 |
16.85 |
1.63 |
|
Abu Dhabi |
807.57 |
817.05 |
23.52 |
3.39 |
|
Saudi Arabia* |
872.89 |
909.90 |
23.95 |
2.35 |
|
Total |
2252.38 |
2379.12 |
-- |
-- |
*Excluding Saudi Aramco
GCC heavyweights: Emaar Properties, ACWA Power, Aldar Properties lead by market cap:
The top 30 GCC-listed companies showed mixed performance by market cap in 2024, with 18 risers and 12 decliners. DFM-listed Emaar Properties led with a 62% annual rise in its market cap, followed by TASI-listed ACWA Power (56%) and ADX-listed Aldar Properties (44%).
Meanwhile, Alpha Dhabi Holding saw the steepest drop in its market cap among peers in 2024, losing 37%, followed by Saudi Basic Industries Corp. (SABIC) at 20% and Emirates Telecommunications Group Co. (Etisalat Group) at 17%.
Saudi Arabian Oil Co. (Saudi Aramco) remained the largest, with a $1.81 trillion market cap, far exceeding its second-highest peer, International Holding Company (IHC), which holds $242 billion, as the following table shows:
|
Top 30 GCC Heavyweights by Market Cap ($ mln) |
||||
|
Company |
Market |
December 2024 |
December 2024 |
Change % |
|
Saudi Aramco |
Saudi Arabia |
2,129,600.0 |
1,810,160.0 |
(15%) |
|
IHC |
Abu Dhabi |
238,779.1 |
241,995.7 |
+1% |
|
TAQA |
Abu Dhabi |
107,226.1 |
107,501.0 |
+0.3% |
|
Al Rajhi Bank |
Saudi Arabia |
92,266.7 |
100,906.7 |
+9% |
|
ACWA Power |
Saudi Arabia |
50,105.2 |
78,413.2 |
+56% |
|
ADNOC Gas |
Abu Dhabi |
64,621.8 |
73,383.9 |
+14% |
|
SNB |
Saudi Arabia |
61,840.0 |
53,440.0 |
(14%) |
|
SABIC |
Saudi Arabia |
66,800.0 |
53,600.0 |
(20%) |
|
stc |
Saudi Arabia |
53,866.7 |
53,333.3 |
(1%) |
|
Maaden |
Saudi Arabia |
49,233.3 |
51,008.0 |
+4% |
|
QNB |
Qatar |
41,944.6 |
43,873.0 |
+5% |
|
KFH |
Kuwait |
37,855.3 |
41,989.9 |
+11% |
|
FAB |
Abu Dhabi |
42,023.1 |
41,348.7 |
(2%) |
|
DEWA |
Dubai |
33,515.0 |
38,680.8 |
+15% |
|
Etisalat |
Abu Dhabi |
46,540.6 |
38,662.0 |
(17%) |
|
Emirates NBD |
Dubai |
29,775.8 |
36,907.8 |
+24% |
|
Alpha Dhabi Holding |
Abu Dhabi |
51,226.2 |
32,415.6 |
(37%) |
|
Emaar Properties |
Dubai |
19,074.4 |
30,938.8 |
+62% |
|
Sulaiman Al Habib |
Saudi Arabia |
26,506.7 |
26,170.7 |
(1%) |
|
NBK |
Kuwait |
23,778.3 |
24,321.1 |
+2% |
|
Elm |
Saudi Arabia |
17,365.3 |
23,780.7 |
+37% |
|
ADNOC Drilling |
Abu Dhabi |
16,479.6 |
23,230.3 |
+41% |
|
Riyad Bank |
Saudi Arabia |
22,800.0 |
22,880.0 |
+0.4% |
|
Industries Qatar |
Qatar |
21,740.1 |
22,055.9 |
+1% |
|
ADCB |
Abu Dhabi |
18,309.8 |
20,777.0 |
+13% |
|
Burooj |
Abu Dhabi |
20,229.6 |
19,650.5 |
(3%) |
|
Alinma Bank |
Saudi Arabia |
20,613.3 |
19,300.0 |
(6%) |
|
SEC |
Saudi Arabia |
21,088.5 |
18,777.4 |
(11%) |
|
SAB |
Saudi Arabia |
20,515.5 |
18,433.8 |
(10%) |
|
Aldar Properties |
Abu Dhabi |
11,461.9 |
16,448.9 |
+44% |
Top gainers in GCC equity markets:
Kuwait dominated the top 30 gainers in 2024 with 17 listed companies, followed by Saudi Arabia (10), Abu Dhabi (2), and Dubai (1). Kuwait’s MENA Holding Co. led with a 319% rise, trailed by Bildco (276%) and Wataniya Drilling (221%).
|
GCC top gainers in 2024** |
||||
|
Stock |
Market |
December 2023* |
December 2024* |
Change |
|
MENA Holding |
Kuwait |
0.036 |
0.152 |
+319% |
|
Bildco |
Abu Dhabi |
0.24 |
0.91 |
+276% |
|
Wataniya Drilling |
Kuwait |
0.108 |
0.347 |
+221% |
|
KMEFIC |
Kuwait |
0.085 |
0.268 |
+215% |
|
First Takaful |
Kuwait |
0.055 |
0.166 |
+201% |
|
Saudi Re |
Saudi Arabia |
18.60 |
53.90 |
+190% |
|
IFA Hotels |
Kuwait |
0.640 |
1.850 |
+189% |
|
Unicap |
Kuwait |
0.089 |
0.239 |
+167% |
|
Red Sea |
Saudi Arabia |
23.70 |
61.50 |
+159% |
|
First Fuel |
Kuwait |
0.138 |
0.355 |
+157% |
|
Electrical Industries |
Saudi Arabia |
2.84 |
7.24 |
+155% |
|
Equipment Holding |
Kuwait |
0.032 |
0.079 |
+148% |
|
Energy House |
Kuwait |
0.060 |
0.148 |
+147% |
|
United |
Kuwait |
0.046 |
0.114 |
+146% |
|
Al Baha |
Saudi Arabia |
0.19 |
0.47 |
+144% |
|
Al Rajhi Takaful |
Saudi Arabia |
71.00 |
171.60 |
+142% |
|
Warba Capital |
Kuwait |
0.106 |
0.249 |
+135% |
|
Wethaq |
Kuwait |
0.024 |
0.053 |
+120% |
|
Chemical Industries |
Saudi Arabia |
4.32 |
9.27 |
+115% |
|
Tahssilat |
Kuwait |
0.021 |
0.045 |
+114% |
|
Apex Investments |
Abu Dhabi |
1.97 |
4.21 |
+114% |
|
GO |
Saudi Arabia |
51.51 |
109.00 |
+112% |
|
CHUBB Arabia |
Saudi Arabia |
25.00 |
49.50 |
+98% |
|
Synergy |
Kuwait |
0.031 |
0.060 |
+97% |
|
MESC |
Saudi Arabia |
22.34 |
43.40 |
+94% |
|
Emaar Development |
Dubai |
7.15 |
13.70 |
+92% |
|
Retal |
Saudi Arabia |
8.52 |
16.18 |
+90% |
|
Gulf Investment House |
Kuwait |
0.330 |
0.623 |
+89% |
|
KFIC |
Kuwait |
0.069 |
0.128 |
+86% |
|
ABAR |
Kuwait |
0.089 |
0.163 |
+83% |
*The price depends on the country.
**Excluding companies with low turnover.
Top losers in GCC equity markets:
In terms of the 2024 top decliners, as many as 14 companies under coverage were from Abu Dhabi. Nine others were from Saudi Arabia, three were from Muscat, two from Kuwait, and one from each of Dubai and Qatar.
Galfar Engineering & Contracting Co. led with a 54% annual drop, followed by Agility Logistics Co. and Al Seer Marine Co. (ASM) — both down 51%, as the following table shows:
|
GCC top decliners in 2024** |
||||
|
Stock |
Market |
December 2023* |
December 2024* |
Change |
|
Galfar Engineering |
Muscat |
0.166 |
0.076 |
(54%) |
|
Agility |
Kuwait |
0.509 |
0.247 |
(51%) |
|
ASM |
Abu Dhabi |
7.51 |
3.65 |
(51%) |
|
Phoenix Group |
Abu Dhabi |
2.24 |
1.19 |
(47%) |
|
Ghitha Holding |
Abu Dhabi |
42.38 |
24.00 |
(43%) |
|
Pure Health |
Abu Dhabi |
5.70 |
3.33 |
(42%) |
|
Arabian Drilling |
Saudi Arabia |
191.00 |
111.60 |
(42%) |
|
Space42 |
Abu Dhabi |
3.33 |
2.00 |
(40%) |
|
Fujairah Cement |
Abu Dhabi |
0.37 |
0.23 |
(39%) |
|
Al Anwar Ceramic Tiles |
Muscat |
0.171 |
0.106 |
(38%) |
|
ARAM Group |
Abu Dhabi |
3.10 |
1.94 |
(37%) |
|
Burjeel Holding |
Abu Dhabi |
3.11 |
1.96 |
(37%) |
|
Alpha Dhabi Holding |
Abu Dhabi |
18.80 |
11.90 |
(37%) |
|
Saudi Kayan |
Saudi Arabia |
10.96 |
7.02 |
(36%) |
|
Palms Sports |
Abu Dhabi |
14.20 |
9.13 |
(36%) |
|
Al Hammadi |
Saudi Arabia |
59.40 |
38.40 |
(35%) |
|
Multiply Group |
Abu Dhabi |
3.18 |
2.07 |
(35%) |
|
National Hotels |
Abu Dhabi |
0.89 |
0.58 |
(35%) |
|
Modern Mills*** |
Saudi Arabia |
62.40 |
41.15 |
(34%) |
|
Al Arabia |
Saudi Arabia |
219.09 |
145.20 |
(34%) |
|
Eshraq Investments |
Abu Dhabi |
0.46 |
0.31 |
(32%) |
|
CBQ |
Qatar |
6.200 |
4.350 |
(30%) |
|
Yanbu Cement |
Saudi Arabia |
34.45 |
24.30 |
(29%) |
|
Americana |
Abu Dhabi |
3.13 |
2.21 |
(29%) |
|
Ooredoo |
Muscat |
0.325 |
0.230 |
(29%) |
|
Lumi |
Saudi Arabia |
100.00 |
71.20 |
(29%) |
|
ADES |
Saudi Arabia |
24.00 |
17.36 |
(28%) |
|
Jazeera Airways |
Kuwait |
1.389 |
1.008 |
(27%) |
|
Gulf Navigation |
Dubai |
7.33 |
5.32 |
(27%) |
|
Zain KSA |
Saudi Arabia |
14.08 |
10.26 |
(27%) |
*Excluding companies with low turnover.
**The price depends on the country.
***Stock trading began on 27/3/2024.
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