UAE and Saudi drive Arab stock market growth in 2023
The UAE and Saudi Arabia were at the forefront of Arab stock market gains last year, according to data compiled by WAM.
Arab stock markets soared to record highs in 2023, with combined gains of $493bn (AED1.8tn), propelled by strong performances in the UAE and Saudi Arabia.
The market capitalisation of Arab stock exchanges rose to about $4.558tn at the end of 2023.
UAE and Saudi drive Arab stock market growth
The UAE led the charge, adding $117.5bn to its market value, reaching $990.6bn by the end of last year.
This remarkable feat was fuelled by robust growth on both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM).
ADX added $88.8bn to its capitalisation, climbing to $803.4bn, while DFM witnessed a $28.7bn increase, bringing its total market value to $187.2bn.
The Saudi Stock Exchange (TADAWUL) was another major standout, generating $368.2bn in gains and catapulting its market capitalisation to over $3 trillion.
Egypt’s stock exchange also posted impressive gains, adding $16.8bn and expanding its market value to $55.6bn.
The Casablanca Stock Exchange soared $9.6bn to $63.2bn and Beirut Stock Exchange surged $5.9bn to $20.4 bn.
Qatar Stock Exchange maintained momentum, adding $4.5bn to reach $171.6bn.
Emerging markets also saw promising gains. Damascus soared to $4.27bn, while Muscat edged up $170.3m to $61.8bn and Tunisia added $137.5m to reach $7.9bn.
By year-end 2023, Kuwait Stock Exchange stood at $131.6bn, Oman Stock Exchange at $23.9bn, Bahrain Stock Exchange at $20.6bn, and the Palestine Stock Exchange at $4.62bn.
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