ع
Fitch Ratings’ assessment of Gulf capital markets released Tuesday showed the Saudi Exchange commanding 63 percent of the total market capitalization of listed equity markets across the six GCC states.[[1]](https://okaznews.net/ecconomy/2909/78176/) The combined value of these markets stands at approximately $4 trillion according to data presented by the agency’s Managing Director for Islamic Finance.[[2]](https://www.urdupoint.com/en/middle-east/gcc-capital-markets-valued-at-around-4-trill-2262436.html) Abu Dhabi Securities Exchange ranked second with an 18 percent share followed by the Dubai Financial Market at 7 percent.
According to the Fitch evaluation, 24 companies listed on the Saudi market accounted for 84 percent of its capitalization using August 2026 data. All of those companies held investment-grade ratings while 96 percent carried stable outlooks the report detailed. Saudi Aramco represented about 65 percent of the Saudi market’s value illustrating the degree of concentration in the bourse.
Fitch noted a comparable concentration in the Abu Dhabi market where five entities comprised around 60 percent of total capitalization. The credit quality across major Saudi listings reflects strengthened regulatory frameworks and economic reforms pursued under the kingdom’s Vision 2030 program a Fitch analysis found. These factors have supported the market’s resilience and appeal to both domestic and international investors.
Bashar Al Natoor of Fitch Ratings highlighted the significant development in GCC capital markets during remarks at the Arab Federation of Capital Markets Annual Conference in Abu Dhabi. He pointed to debt capital markets reaching $1.2 trillion by the end of the first half of 2026 with sukuk making up 42 percent of the total. Nasdaq Dubai’s role in listing more than 28 percent of outstanding global hard-currency sukuk further illustrates the depth achieved in specialized segments.
The Saudi market has benefited from successive regulatory changes including the full opening to foreign investors earlier this year which eliminated previous qualified foreign investor requirements. Foreign ownership levels have risen modestly as a result contributing to overall liquidity according to recent Tadawul disclosures. Such measures align with efforts to position Tadawul among the world’s leading exchanges by multiple metrics.
Fitch data from the past year show continued IPO activity and growth in listed companies on Tadawul which reached 266 by the end of 2025. The market’s performance remains closely watched as a barometer for regional investor sentiment and economic diversification progress. The agency’s latest review comes amid broader interest in how Gulf bourses can sustain momentum beyond traditional energy sectors.
