Etisalat dominates market cap

Accounts for more than 16% of total UAE market capitalisation

The government-controlled Etisalat telecommunications company remained the undisputed leader of the UAE bourse with a market capitalization of around Dh75.5 billion at the end of January, accounting for more than 16 per cent of the total market capitalisation, data showed on Tuesday.

National Bank of Abu Dhabi (NBAD), another government-controlled institution, came second but it was way behind Etisalat, with its market capitalization standing at around Dh31.75 billion, below half the telecom giant’s capital.

The figures, published by the Sharjah-based daily Alkhaleej, showed Abu Dhabi-based First Gulf Bank was the third largest in terms of market capitalization which stood at around Dh27.4 billion.

It was followed by Emaar Properties with around Dh18.5 billion, and government-controlled Abu Dhabi Commercial Bank with Dh16.89 billion.

Dubai-based Emirates NBD was ranked sixth with a capitalization of nearly Dh16.7 billion although the bank, a merger of two major Dubai banks, is one of the largest banking units in the Middle East by capital and assets.

The report showed Mashreq Bank was the seventh largest, with a capitalization of around Dh15.4 billion, followed by the telecom firm Du, with Dh13.7 billion, Dubai Islamic Bank with Dh8.53 billion and Abu Dhabi Islamic Bank with a market capitalization of about Dh8.23 billion.

The UAE has one of the largest bourses in the Middle East, with the combined market capitalization of Dubai and Abu Dhabi stock exchanges standing at around Dh458 billion on Sunday.

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