AI Summary
A GCC market trading hall
GCC equity markets posted mixed results in the first half of 2025, with four out of seven tracked indices ending the six-month period in positive territory. Boursa Kuwait led the region, jumping 17%, or 1,349 points, to close at 9,188.
The Dubai Financial Market (DFM) followed with an 11% gain, adding 547 points to end at 5,706. The Abu Dhabi Securities Exchange (ADX) ranked third, rising 6%, or 539 points, to close at 9,958.
On the downside, three markets recorded losses. The Saudi Exchange (Tadawul) was the region’s worst performer in H1 2025, dropping 7%, or 873 points, since the start of the year. It was followed by the Bahrain Bourse and the Muscat Stock Exchange (MSX), both slipping around 2%.
Gulf markets kicked off the year mostly in the green before diverging, with most indexes ending Q1 2025 in the red. The sole outlier was Boursa Kuwait, which gained 11% by the end of Q1 2024.
The mixed performance across the region in H1 2025 was driven by escalating global trade tensions, ongoing tariff disputes between the US and key partners such as China and Europe, and rising geopolitical risks worldwide, particularly in the Middle East.
The following table details GCC equity markets’ performance in H1 2025:
|
GCC Equity Markets Performance in H1 2025 |
||||
|
Market |
December 2024 |
June 2025 |
Change (Points) |
Change % |
|
Kuwait* |
7,839 |
9,188 |
1,349 |
+17% |
|
Dubai |
5,159 |
5,706 |
547 |
+11% |
|
Abu Dhabi |
9,419 |
9,958 |
539 |
+6% |
|
Qatar |
10,571 |
10,749 |
178 |
+2% |
|
Muscat |
4,577 |
4,501 |
(76) |
(2%) |
|
Bahrain |
1,986 |
1,944 |
(42) |
(2%) |
|
Saudi Arabia |
12,037 |
11,164 |
(873) |
(7%) |
GCC Markets Traded Values in H1 2025
GCC traded values fell 13% to $314.6 billion in H1 2025, versus $362 billion in H1 2024.
The decline was mainly due to a 33% drop in TASI turnover to $183.5 billion for the first half of 2025, from $272.9 billion a year earlier.
|
GCC Markets Traded Values ($ bln) |
|||||
|
Market |
H1 2021 |
H1 2022 |
H1 2023 |
H1 2024 |
H1 2025 |
|
Saudi Arabia |
356.8 |
276.7 |
158.6 |
272.9 |
183.5 |
|
Abu Dhabi |
39.7 |
57.6 |
46.8 |
36.6 |
48.9 |
|
Kuwait |
21.1 |
27.4 |
16.4 |
21.6 |
41.1 |
|
Qatar |
16.4 |
26.5 |
17.0 |
16.5 |
14.6 |
|
Dubai |
7.8 |
13.5 |
12.7 |
12.5 |
22.8 |
|
Muscat |
1.2 |
1.5 |
1.1 |
1.5 |
2.4 |
|
Bahrain |
0.27 |
0.27 |
0.32 |
0.42 |
1.24 |
Key metrics in H1 2025
By the end of H1 2025, the overall GCC market capitalization added $174.28 billion to $2.37 trillion, up from $2.2 trillion in H1 2024.
DFM had the lowest 12-month P/E ratio among GCC markets at 10.2x, followed by Bahrain Bourse at 11.7x. ADX and TASI recorded the highest P/E ratios at 22.5x and 18.9x, respectively, as the following table shows:
|
Key Metrics in H1 2025 |
||||
|
Market |
Market Value ($ bln) |
P/E Ratio (×) |
Book Value (×) |
|
|
June 2024 |
June 2025 |
June 2024 |
June 2025 |
|
|
Dubai |
184.93 |
271.02 |
10.19 |
1.86 |
|
Bahrain |
21.29 |
20.04 |
11.69 |
1.08 |
|
Qatar |
158.01 |
174.55 |
12.31 |
1.36 |
|
Muscat |
63.13 |
73.50 |
13.47 |
1.15 |
|
Kuwait |
133.64 |
164.72 |
17.85 |
1.88 |
|
Saudi Arabia* |
881.00 |
864.16 |
18.86 |
2.13 |
|
Abu Dhabi |
761.99 |
810.27 |
22.49 |
3.06 |
|
Total |
2,203.99 |
2,378.27 |
-- |
-- |
*Excluding Saudi Aramco
GCC Heavyweights
Among the 30 largest Gulf-listed companies, market caps showed mixed trends: 20 gained grounds while 10 others declined in H1 2025.
Abu Dhabi Islamic Bank posted the highest increase at 56%, followed by Abu Dhabi Commercial Bank (ADDC) at 29% and Dubai Islamic Bank (DIB) at 28%.
ACWA Power Co. saw the biggest drop of 36% in its market cap for H1 2025. Saudi Basic Industries Corp. (SABIC) followed with an 18% slump, then Saudi Aramco (13%), compared to 2024-end.
Saudi Aramco remained the most valuable firm with a $1.57 trillion market cap, far ahead of second-ranked International Holding Co. (IHC) at $240.05 billion.
|
Top 30 GCC Heavyweights by Market Cap ($ mln) |
||||
|
Company |
Market |
December 2024 |
June 2025 |
Change % |
|
Saudi Aramco |
Saudi Arabia |
1810160.0 |
1569450.7 |
(13%) |
|
IHC |
Abu Dhabi |
241995.7 |
240050.0 |
(1%) |
|
TAQA |
Abu Dhabi |
107459.2 |
103785.4 |
(3%) |
|
Al Rajhi Bank |
Saudi Arabia |
100906.7 |
100906.7 |
-- |
|
ADNOC Gas |
Abu Dhabi |
73383.9 |
71474.4 |
(3%) |
|
SNB |
Abu Dhabi |
53440.0 |
57792.0 |
+8% |
|
stc |
Saudi Arabia |
53333.3 |
56720.0 |
+6% |
|
Maaden |
Saudi Arabia |
52161.2 |
55583.3 |
+7% |
|
ACWA Power |
Saudi Arabia |
78413.2 |
50009.4 |
(36%) |
|
FAB |
Abu Dhabi |
41348.7 |
49936.1 |
+21% |
|
KFH |
Kuwait |
41622.7 |
48308.8 |
+16% |
|
QNB |
Qatar |
43873.0 |
44025.3 |
+0.3% |
|
SABIC |
Saudi Arabia |
53600.0 |
43720.0 |
(18%) |
|
e& |
Abu Dhabi |
38662.0 |
41678.1 |
+8% |
|
Emirates NBD |
Dubai |
36907.8 |
39215.4 |
+6% |
|
DEWA |
Dubai |
38680.8 |
38393.5 |
(1%) |
|
Alpha Dhabi Holding |
Abu Dhabi |
32403.0 |
33492.2 |
+3% |
|
Emaar Properties |
Dubai |
30938.8 |
32731.8 |
+6% |
|
NBK |
Kuwait |
24311.7 |
28472.9 |
+17% |
|
ADCB |
Abu Dhabi |
20777.0 |
26868.1 |
+29% |
|
Sulaiman Al Habib |
Saudi Arabia |
26170.7 |
25312.0 |
(3%) |
|
ADNOC Drilling |
Abu Dhabi |
23230.3 |
24833.2 |
+7% |
|
Riyad Bank |
Saudi Arabia |
22880.0 |
22992.0 |
+0.5% |
|
Elm |
Saudi Arabia |
23780.7 |
21365.3 |
(10%) |
|
ADIB |
Abu Dhabi |
13667.6 |
21262.9 |
+56% |
|
Buruj |
Abu Dhabi |
19650.5 |
20788.7 |
+6% |
|
Industries Qatar |
Qatar |
22055.9 |
20526.8 |
(7%) |
|
Aldar Properties |
Abu Dhabi |
16448.9 |
19097.3 |
+16% |
|
SAB |
Saudi Arabia |
18433.8 |
18465.8 |
+0.2% |
|
DIB |
Dubai |
14018.2 |
17882.5 |
+28% |
Top Gainers
Kuwait dominated the top 30 gainers in H1 2025 with 15 listed companies, followed by Abu Dhabi (nine), Muscat (two), and Dubai (two). Saudi Arabia and Qatar were represented by one company each.
|
GCC top gainers in H1 2025** |
||||
|
Stock |
Market |
December 2024* |
June 2025* |
Change |
|
Marakez |
Kuwait |
0.062 |
1.450 |
+2227% |
|
Emirates |
Kuwait |
0.059 |
0.215 |
+266% |
|
CRC |
Kuwait |
0.045 |
0.135 |
+200% |
|
Fujairah Cement |
Abu Dhabi |
0.226 |
0.560 |
+148% |
|
Voltamp Energy |
Muscat |
0.352 |
0.700 |
+99% |
|
Estithmar Holding |
Qatar |
1.695 |
3.292 |
+94% |
|
Amlak |
Dubai |
0.867 |
1.640 |
+89% |
|
BILDCO |
Abu Dhabi |
0.911 |
1.710 |
+88% |
|
Cenomi Retail |
Saudi Arabia |
13.220 |
24.620 |
+86% |
|
ESG Group |
Abu Dhabi |
9.710 |
17.960 |
+85% |
|
Union Properties |
Dubai |
0.411 |
0.731 |
+78% |
|
Energy House Holding |
Kuwait |
0.148 |
0.256 |
+73% |
|
Al Anwar Ceramic Tiles |
Muscat |
0.106 |
0.182 |
+72% |
|
Kuwait Cement |
Kuwait |
0.227 |
0.370 |
+63% |
|
Kuwait United Group |
Kuwait |
0.114 |
0.185 |
+62% |
|
Munshaat |
Kuwait |
0.121 |
0.195 |
+61% |
|
AQARAT |
Kuwait |
0.242 |
0.386 |
+60% |
|
Dalqan |
Kuwait |
0.186 |
0.295 |
+59% |
|
KIB |
Kuwait |
0.174 |
0.277 |
+59% |
|
Sudatel |
Abu Dhabi |
0.282 |
0.447 |
+59% |
|
Burgan Bank |
Kuwait |
0.176 |
0.275 |
+56% |
|
ADIB |
Abu Dhabi |
13.820 |
21.500 |
+56% |
|
AlAqaria |
Kuwait |
0.069 |
0.107 |
+55% |
|
HAYAH Insurance |
Abu Dhabi |
1.120 |
1.710 |
+53% |
|
Warba Bank |
Kuwait |
0.178 |
0.268 |
+51% |
|
Presight AI |
Abu Dhabi |
2.070 |
3.110 |
+50% |
|
Abu Dhabi Ship Building |
Abu Dhabi |
5.380 |
7.940 |
+48% |
|
NAPESCO |
Kuwait |
0.900 |
1.320 |
+47% |
|
Eshraq Investments |
Abu Dhabi |
0.312 |
0.457 |
+46% |
|
Jazeera |
Kuwait |
1.008 |
1.476 |
+46% |
*The price depends on the country.
**Excluding companies with low turnover.
Top Losers
In terms of the top decliners, 22 companies were from Saudi Arabia, four others were from Kuwait, another three were from Abu Dhabi, and one was from Muscat.
|
GCC top decliners in H1 2025** |
||||
|
Stock |
Market |
December 2024* |
June 2025* |
Change |
|
NIHC |
Kuwait |
0.347 |
0.156 |
(55%) |
|
KMEFIC |
Kuwait |
0.268 |
0.151 |
(44%) |
|
Al Imtiaz Investment Group |
Kuwait |
0.062 |
0.036 |
(42%) |
|
GGCI |
Saudi Arabia |
10.380 |
6.080 |
(41%) |
|
Fakeeh Care |
Saudi Arabia |
67.000 |
40.680 |
(39%) |
|
IFA Hotels |
Kuwait |
1.457 |
0.890 |
(39%) |
|
Anaam Holding |
Saudi Arabia |
26.400 |
16.410 |
(38%) |
|
ACWA Power |
Saudi Arabia |
401.400 |
256.000 |
(36%) |
|
Batic |
Saudi Arabia |
3.660 |
2.340 |
(36%) |
|
Raydan |
Saudi Arabia |
21.800 |
14.080 |
(35%) |
|
LuLu Retail |
Abu Dhabi |
1.900 |
1.260 |
(34%) |
|
Agthia Group |
Abu Dhabi |
6.500 |
4.360 |
(33%) |
|
Banan |
Saudi Arabia |
7.090 |
4.830 |
(32%) |
|
MBC Group |
Saudi Arabia |
52.300 |
35.700 |
(32%) |
|
Burjeel Holdings |
Abu Dhabi |
1.960 |
1.340 |
(32%) |
|
SAPTCO |
Saudi Arabia |
20.440 |
14.120 |
(31%) |
|
Leejam Sports |
Saudi Arabia |
185.400 |
129.600 |
(30%) |
|
Saudi Steel Pipe |
Saudi Arabia |
9.139 |
6.400 |
(30%) |
|
SRMG |
Saudi Arabia |
275.000 |
193.400 |
(30%) |
|
Emaar EC |
Saudi Arabia |
18.960 |
13.430 |
(29%) |
|
Chemanol |
Saudi Arabia |
18.500 |
13.110 |
(29%) |
|
Arabian Drilling |
Saudi Arabia |
111.600 |
79.900 |
(28%) |
|
ANB |
Saudi Arabia |
145.200 |
104.000 |
(28%) |
|
Al Baha |
Saudi Arabia |
4.700 |
3.460 |
(26%) |
|
Saudi Kayan |
Saudi Arabia |
7.020 |
5.170 |
(26%) |
|
Renaissance Services |
Muscat |
0.388 |
0.287 |
(26%) |
|
Wataniya |
Saudi Arabia |
24.520 |
18.160 |
(26%) |
|
Al Othaim |
Saudi Arabia |
10.500 |
7.780 |
(26%) |
|
Al-Jouf Agricultural |
Saudi Arabia |
59.600 |
44.180 |
(26%) |
|
TADCO |
Saudi Arabia |
15.100 |
11.200 |
(26%) |
*The price depends on the country.
**Excluding companies with low turnover.
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