Arab stock markets soared to record highs in 2023. The UAE and Saudi Arabia were the main drivers of this growth, which recorded combined gains of $493 billion (Dh1.81 trillion), according to official data compiled by WAM.
At the end of 2023, the market capitalisation of Arab stock exchanges rose to about $4.558 trillion, up from the $4.65 trillion reached in 2022.
The UAE led the charge, adding $117.5 billion to its market value, which allowed the country to reach $990.6 billion at the end of 2023.
The positive results were fuelled by significant growth in both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). In 2023, ADX added $88.8 billion to its capitalisation, climbing to $803.4 billion, while DFM witnessed a $28.7 billion increase, bringing its total market value to $187.2 billion.
GCC stock market snapshot
The Saudi Stock Exchange (TADAWUL) was another major standout over the course of the year, generating $368.2 billion in gains and catapulting its market capitalisation to over $3 trillion.
Other countries in the region also contributed to the record gains. Egypt’s stock expanded its market value to $55.6 billion after adding $16.8 billion, while the Casablanca Stock Exchange soared $9.6 billion to $63.2 billion.
Meanwhile, the Beirut Stock Exchange surged $5.9 billion to $20.4 billion and the Qatar Stock Exchange added $4.5 billion, reaching $171.6 billion at the end of the year.
Emerging markets also saw promising gains. Damascus soared to $4.27 billion, while Muscat edged up $170.3 million to $61.8 billion. Tunisia added $137.5 million to reach $7.9 billion.
At the end of 2023, the Kuwait Stock Exchange stood at $131.6 billion, the Oman Stock Exchange was worth $23.9 billion, the Bahraini Stock Exchange reached $20.6 billion, and the Palestine Stock Exchange was valued at $4.62 billion.
Earlier this week, the World Bank predicted that Gulf Cooperation Council (GCC) nations would reach an annual growth rate of 3.7% in 2024 and 3.8% in 2025, despite the expectation of a global economic slowdown.
