In a significant economic upswing, the United Arab Emirates and Saudi Arabia were at the helm of substantial profitability in the Arab stock markets during the previous year.
It was a record-breaking year for Arab stock exchanges, which saw collective gains totaling $493 billion (AED1.8 trillion), with the United Arab Emirates and Saudi Arabia contributing significantly to this achievement.
By the close of 2023, the total market capitalization of Arab stock exchanges had escalated to approximately $4.558 trillion.
Market Surge in UAE and Saudi Arabia
The UAE’s stock market saw an increase of $117.5 billion, bringing its total market value to $990.6 billion. This remarkable growth was driven by the performance of both the Abu Dhabi Securities Exchange (ADX), with an $88.8 billion increase to $803.4 billion, and the Dubai Financial Market (DFM), which grew by $28.7 billion to reach a market value of $187.2 billion.
Not to be outdone, the Saudi Stock Exchange (TADAWUL) also made headlines with a staggering $368.2 billion in gains, propelling its market capitalization beyond the $3 trillion mark.
In Egypt, the stock market thrived with an addition of $16.8 billion to its market value, now standing at $55.6 billion. The Casablanca Stock Exchange in Morocco rose by $9.6 billion to $63.2 billion, while the Beirut Stock Exchange in Lebanon witnessed a leap of $5.9 billion, reaching a total of $20.4 billion.
The Qatar Stock Exchange also maintained a steady uptrend, adding $4.5 billion to conclude at $171.6 billion in market capitalization.
Smaller markets also reported gains, with Damascus stock market valuations climbing to $4.27 billion, Muscat’s market edged up by $170.3 million to $61.8 billion, and Tunisia’s exchange increased by $137.5 million, finishing at $7.9 billion. By the end of the year, Kuwait, Oman, Bahrain, and Palestine’s stock exchanges were valued at $131.6 billion, $23.9 billion, $20.6 billion, and $4.62 billion, respectively.