The value of stocks listed in the United Arab Emirates has surpassed $1 trillion for the first time. This occurred as a result of a growth in local listings and a rise in companies associated with Abu Dhabi royals, which make up over one-third of the total valuation.
As a result, the UAE market as a whole—which comprises the exchanges in Dubai and Abu Dhabi—is bigger than Milan or Madrid. According to insiders, the UAE is bigger than other growing countries, except China and India, despite being overshadowed by Saudi Arabia’s over $3 trillion stock market.
One particularly notable aspect of the $1 trillion milestone is the weighting of the businesses associated with Sheikh Tahnoon bin Zayed Al Nahyan. With a $1.5 trillion empire, the prince—who is also the president’s brother, one of Abu Dhabi’s two deputy rulers, and the UAE’s national security adviser—has become one of the most influential business people in the world.
This includes International Holding Co., which Sheikh Tahnoon chairs. IHC has increased by more than 43,000% in recent years, reaching a market valuation of about $250 billion, or 25% of the combined exchanges’ worth.
According to information on the Abu Dhabi Stock Exchange, 88% of IHC is owned by locals. Originally a fish farming enterprise, IHC is currently leading the effort to diversify the UAE’s economy away from oil.
Elon Musk’s SpaceX, Rihanna’s lingerie line, and Aldar Properties PJSC, the biggest real estate developer in the emirate, are just a few of the companies in which the corporation and its subsidiaries have made investments.
Additionally, Sheikh Tahnoon is the chairman of First Abu Dhabi Bank PJSC, which in 2023 contemplated a bid for Standard Chartered Plc of the United Kingdom. According to sources, the lender and IHC together account for more than 50% of Abu Dhabi’s benchmark FTSE ADX General Index.
