UAE-listed stocks top $1 trillion in value for the first time
That makes the combined UAE market, which includes exchanges in Dubai and Abu Dhabi, bigger than Milan or Madrid. While dwarfed by the nearly $3 trillion Saudi Arabian bourse, the UAE is larger than most emerging markets, barring a few like India and China, according to data compiled by Bloomberg.
A particularly eye-catching feature of the $1 trillion milestone is the weighting of companies linked to Sheikh Tahnoon bin Zayed Al Nahyan. The royal — one of Abu Dhabi’s two deputy rulers, the UAE’s national security adviser and brother to its president — has emerged as one of the most important names in global business and sits atop a $1.5 trillion empire.
That includes International Holding Co., which is chaired by Sheikh Tahnoon and is the UAE’s largest public company. IHC has surged over 43,000% in the past few years, giving it a market capitalization of close to $250 billion — a quarter of the combined exchanges’ value.
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