·Source: SouqData proprietary analysis
What this page covers
Map the business empires behind GCC-listed companies. Track family conglomerates, government-linked groups, and corporate networks across 11 exchanges.
SouqData covers 11 GCC + MENA exchanges (TDWL, DFM, ADX, QSE, BK, MSX, BHB, ASE, BIST, ISX, EGX). Coverage depth varies by exchange and data category — gaps are surfaced in the page's data displays rather than hidden. Underlying data refreshes daily via an automated pipeline; per-exchange ingestion runs on filing-driven cadences.
GCC Conglomerate Map
GCC markets are shaped by powerful family conglomerates and government-linked groups whose influence spans multiple listed companies and exchanges. This page maps those relationships using explicit group tags and shared-directorship inference across 1,973 listed companies.
Identified Groups
34
Companies in Groups
79
Cross-Exchange Groups
4
Shared Directors
307
Corporate Groups (34)
International Holding Company PJSC Network
Inferred from shared directors
Emirates NBD Bank (P.J.S.C) Network
Inferred from shared directors
Emirates Telecom. Group Company (Etisalat Group) PJSC Network
Inferred from shared directors
Emaar Properties (P.J.S.C) Network
Inferred from shared directors
Abu Dhabi Commercial Bank Network
Inferred from shared directors
Industries of Qatar Co. Network
Inferred from shared directors
Qatar Islamic Bank Network
Inferred from shared directors
Riyad Bank Network
Inferred from shared directors
Dubai Investment (P.J.S.C) Network
Inferred from shared directors
Americana Restaurants International PLC Network
Inferred from shared directors
Agility Global PLC Network
Inferred from shared directors
Estithmar Holding Q.P.S.C Network
Inferred from shared directors
Vodafone Qatar QSC Network
Inferred from shared directors
Jarir Marketing Co. Network
Inferred from shared directors
Riyadh Cables Group Co. Network
Inferred from shared directors
Dar Al Arkan Real Estate Development Co. Network
Inferred from shared directors
Saudi Investment Bank Network
Inferred from shared directors
Saudi Automotive Services Co. Network
Inferred from shared directors
Batic Investments and Logistics Co. Network
Inferred from shared directors
Middle East Specialized Cables Co. Network
Inferred from shared directors
Widam Food Company Q. S. C Network
Inferred from shared directors
Raoom trading Company Network
Inferred from shared directors
Saudi Arabia Refineries Co. Network
Inferred from shared directors
Saudi Azm for Communication and Information Technology Co. Network
Inferred from shared directors
Tourism Enterprise Co. Network
Inferred from shared directors
Nofoth Food Products Co Network
Inferred from shared directors
Banan Real Estate Company Network
Inferred from shared directors
Alwasail Industrial Company Network
Inferred from shared directors
Saudi Industrial Development Co. Network
Inferred from shared directors
Shatirah House Restaurant Burgerizzr Co. Network
Inferred from shared directors
Osool & Bakheet Investment Company Network
Inferred from shared directors
Advance International Company for Communication and Information Technology Network
Inferred from shared directors
Cross-Board Directors (307)
Directors currently serving on two or more listed company boards
Showing top 100 of 307 cross-board directors.
Unaffiliated Companies
Companies not currently linked to any identified conglomerate group
1894
Methodology
- Explicit Groups: Companies tagged with a
conglomerate_groupvalue (e.g. "Al Futtaim", "ICD Group", "QIA Portfolio") are grouped directly. - Inferred Groups: When two or more directors sit on the same pair of company boards, those companies are inferred to belong to a connected corporate network. Single shared directors are noted but not sufficient for group inference.
- Market Cap: Combined USD market capitalisation of all group member companies. Converted at fixed peg rates where applicable.
- Cross-Exchange: Groups spanning multiple GCC exchanges (DFM, ADX, ASE, BK, QSE, MSX, BHB, TDWL) suggest broader conglomerate influence beyond a single market.
- Limitations: This analysis relies on available board appointment data and explicit group tagging. Indirect ownership through nominee structures, related holding companies, or unlisted subsidiaries is not captured. Coverage improves as director and ownership data is expanded.
This analysis is based on available data and disclosed methodology. Our models estimate outcomes using specific inputs and assumptions — the methodology is described on this page. Observations may not account for all relevant factors. This content is provided for educational and informational purposes only.
Related Insights
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Government Ownership
Sovereign wealth fund and government ownership across GCC exchanges.
SWF Shadow Portfolio
Consolidated cross-market SWF holdings, board seats, and total influence.
Merchant Families
Top 50 GCC merchant family board seats and shareholdings.
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