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15 fastest growing listed companies in Gulf- Marmore MENA Intelligence

Ma’aden, QIC and Bupa Arabia are fastest growing companies in 2011-15.

Nearly 90% of fastest growing companies come from Saudi Arabia and Qatar.

Share prices rose for almost all the fastest growing companies.

Collectively, the fastest growing companies achieved around 100% stockmarket outperformance.

22 December 2016

A landmark report released today by research group Marmore MENA Intelligence profiles 15 of the fastest growing listed companies in the Gulf Cooperation Council (GCC) countries.

Tal Nazer, Chief Executive Officer of Bupa Arabia noted that: “Marmore MENA Intelligence has correctly highlighted how particular GCC companies have achieved revenue growth of at least 20% per annum over the five years to the end of 2015.”

“These companies have had the vision, the business models, and the solutions for their customers which have enabled them to thrive even though the regional economy has been slowing.”

“At Bupa Arabia, we are proud to be a part of this group and, indeed, the third-fastest growing company in the region over that period.”


The report highlights how particular companies have achieved very strong annualised growth in revenues and/or net income in the five years to 2015.

The report profiles 15 regional companies, who achieved between 20% and 63% annual growth in revenues over that period.

Some 13 of the 15 companies – or 90% of the total – came from Saudi Arabia and Qatar.

For all but one of the 15 companies, higher revenues and/or net income resulted in share price gains over the five years to the end of 2015. Some 10 of the companies achieved double digit rises in their share prices.

This outcome meant that the fastest growing companies dramatically outperformed other listed companies in the GCC countries.

Notes MR Raghu, Managing Director of Marmore: “Falling energy prices have produced a profound – and well-documented slowing of economic activity across the region over recent years.”

Adds Nigel Sillitoe, CEO, Insight Discovery, a Strategic Marketing Partner of Marmore, an investment of US $1,000 in the S&P GCC Index at the end of 2010 would have become US $950 by the end of 2015. The value of the investment would have basically tracked sideways. Conversely, an investment of US $1,000 in the 15 fastest growing companies – the growth champions – would have risen in value to US $1,910.”

In terms of revenue growth, the fastest growing company was Saudi Arabian Mining Company (Ma’aden). Revenues increased by 63% per annum, while net income also rose at a double digit rate.

The second fastest growing company was Qatar Insurance Company (QIC), which achieved a 40% annual lift in revenues and 15% annual increase in net income.

In third position was health insurer Bupa Arabia for Cooperative Insurance, whose revenues also increased by 40% per annum. Bupa Arabia’s net income nearly doubled each year, growing at a compound rate of 99%.


Established in 2010, Marmore MENA Intelligence (Marmore) is a subsidiary of Markaz, an investment bank and asset management firm that has been in business for 40 years. Marmore publishes reports and conducts research on demand. It caters to the growing research and information needs of organisations in the MENA region.

Marmore’s strengths include its consistent record of quality, in-depth research. Its skilled team has extensive experience in advanced quantitative and qualitative techniques. Marmore’s wide-ranging databases provide it with a deep understanding of the MENA markets.

Marmore’s clients include financial institutions, ratings agencies, consultants, academic researchers and high net worth individual (HNWI) investors.

© Press Release 2016

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