This file photo dated Jan 6, 2020 shows the Dubai Financial Market in the Gulf emirate as Gulf bourses were hit by a panicky sell-off amid Iranian vows of retaliation over the US killing of a top general. (PHOTO / AFP)

ABU DHABI — Arab stock markets soared to record highs in 2023, with combined gains of $493 billion (AED 1.81 trillion), propelled by strong performances in the UAE and Saudi Arabia.

The market capitalization of Arab stock exchanges rose to about 4.558 trillion, 216 million, and 586 thousand dollars at the end of 2023, compared to about 4.65 trillion, 559 million, and 3 dollar at the end of 2022. according to official data compiled by WAM.

The Casablanca Stock Exchange soared $9.6 billion to $63.2 billion and Beirut Stock Exchange surged $5.9 billion to $20.4 billion. Qatar Stock Exchange maintained momentum, adding $4.5 billion to reach $171.6 billion

The UAE led the charge, adding $117.5 billion to its market value, reaching $990.6 billion by the end of last year. This remarkable feat was fueled by robust growth on both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). ADX added $88.8 billion to its capitalization, climbing to $803.4 billion, while DFM witnessed a $28.7 billion increase, bringing its total market value to $187.2 billion.

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The Saudi Stock Exchange (TADAWUL) was another major standout, generating $368.2 billion in gains and catapulting its market capitalization to over $3 trillion.

Egypt's stock exchange also posted impressive gains, adding $16.8 billion and expanding its market value to $55.6 billion.

The Casablanca Stock Exchange soared $9.6 billion to $63.2 billion and Beirut Stock Exchange surged $5.9 billion to $20.4 billion. Qatar Stock Exchange maintained momentum, adding $4.5 billion to reach $171.6 billion.

Emerging markets also saw promising gains. Damascus soared to $4.27 billion, while Muscat edged up $170.3 million to $61.8 billion and Tunisia added $137.5 million to reach $7.9 billion.

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By year-end 2023, Kuwait Stock Exchange stood at $131.6 billion, Oman Stock Exchange at $23.9 billion, Bahrain Stock Exchange at $20.6 billion, and the Palestine Stock Exchange at $4.62 billion.