Which markets are covered?

SouqData covers 11 exchanges across the GCC + MENA region: Saudi Tadawul (TDWL), Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), Qatar Stock Exchange (QSE), Boursa Kuwait (BK), Muscat Securities Market (MSX), Bahrain Bourse (BHB), Amman Stock Exchange (ASE), Borsa Istanbul (BIST), Iraq Stock Exchange (ISX), and Egyptian Exchange (EGX). Coverage depth varies by exchange and is shown per-page.

How current is this data?

Underlying data refreshes daily via an automated pipeline (governance recompute, screener materialised view refresh, disclosure timeliness backfill). Source-data ingestion (annual reports, board changes, dividend declarations) runs on per-exchange cadences depending on filing patterns.

What this page covers

Composite governance ranking across all GCC exchanges. 8-pillar scoring: board independence, gender diversity, board size, committee structure, meeting attendance, disclosure quality, remuneration transparency, and governance risk.

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 Corporate Governance Index

Name: GCC Corporate Governance Dataset
Creator: SouqData
License: https://creativecommons.org/licenses/by-nc/4.0/

A pan-GCC governance ranking reviving the GCC Board Directors Institute benchmarking that stopped after FY2020. Scores companies on 8 governance pillars (0-100) using publicly available board, committee, attendance, compensation, and disclosure data.

Companies Indexed

1,221

Average Score

Median Score

Top Score

Best Exchange

MSX

avg 32

Grade Distribution

0 companies

4 companies

113 companies

374 companies

730 companies

Pillar Averages

Board Independence

2.7/15

Gender Diversity

0.2/10

Board Size

3.8/10

Committee Structure

0.1/10

Meeting Attendance

0.1/10

Disclosure Quality

7.7/15

Remuneration Transparency

0/15

Governance Risk Score

3.3/15

Top 50 — Best Governed Companies

#	Company	Exchange	Sector	Score	Grade	Top Pillars
1	SALIK Salik Company PJSC Salik Company PJSC	DFM	Industrials	74	B	Board Independence 15/15Board Size 10/10Committee Structure 10/10
2	BURJEEL BURJEEL HOLDINGS PLC BURJEEL HOLDINGS PLC	ADX	Health Care	61	B	Board Independence 15/15Disclosure Quality 15/15Governance Risk Score 11/15
3	FERTIGLB Fertiglobe plc Fertiglobe plc	ADX	Materials	60	B	Board Independence 15/15Meeting Attendance 10/10Disclosure Quality 15/15
4	PARKIN Parkin Co. PJSC Parkin Co. PJSC	DFM	Consumer Services	55	B	Board Independence 15/15Board Size 10/10Disclosure Quality 15/15
5	4084 Derayah Financial Company Derayah Financial Company	TDWL	Financials	53	C	Board Size 10/10Meeting Attendance 10/10Disclosure Quality 15/15
6	ZAIN Mobile Telecommunications Company K.S.C.P Mobile Telecommunications...	BK	Communication Services	53	C	Committee Structure 10/10Meeting Attendance 10/10Disclosure Quality 15/15
7	KFH Kuwait Finance House K.S.C. Kuwait Finance House K.S....	BK	Financials	52	C	Meeting Attendance 10/10Disclosure Quality 15/15Committee Structure 7/10
8	KFH Kuwait Finance House K.S.C. Kuwait Finance House K.S....	BHB	Financials	52	C	Meeting Attendance 10/10Disclosure Quality 15/15Committee Structure 7/10
9	ADNOCDRILL ADNOC Drilling Company PJSC ADNOC Drilling Company PJ...	ADX	Industrials	51	C	Board Independence 15/15Disclosure Quality 15/15Committee Structure 7/10
10	AMR Americana Restaurants International PLC Americana Restaurants Int...	ADX	Consumer Discretionary	51	C	Meeting Attendance 10/10Disclosure Quality 15/15Committee Structure 7/10
11	ADNOCGAS ADNOC Gas plc ADNOC Gas plc	ADX	Energy	49	C	Disclosure Quality 15/15Board Size 7/10Committee Structure 7/10
12	ADPORTS Abu Dhabi Ports Company PJSC Abu Dhabi Ports Company P...	ADX	Industrials	48	C	Meeting Attendance 10/10Disclosure Quality 15/15Board Independence 11/15
13	FALH Al Faleh Educational Holding Co. Al Faleh Educational Hold...	QSE	Industrials	46	C	Gender Diversity 10/10Board Size 10/10Board Independence 11/15
14	RAKPROP RAK Properties RAK Properties	ADX	Financials	45	C	Board Independence 15/15Gender Diversity 7/10Board Size 7/10
15	E7 E7 Group PJSC E7 Group PJSC	ADX	Financials	44	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
16	FCI Fujairah Cement Industries Fujairah Cement Industrie...	ADX	Materials	44	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
17	ARMX Aramex PJSC Aramex PJSC	DFM	Industrials	44	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
18	ALPHADHABI Alpha Dhabi Holding PJSC Alpha Dhabi Holding PJSC	ADX	Industrials	44	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
19	KFIC KFIC Invest K.S.C.P KFIC Invest K.S.C.P	BK	Financials	43	C	Board Independence 15/15Gender Diversity 7/10Disclosure Quality 10/15
20	PHOENIXPOWER Phoenix Power Co Phoenix Power Co	MSX	Utilities	43	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
21	4030 National Shipping Co. of Saudi Arabia National Shipping Co. of ...	TDWL	Industrials	43	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
22	AIRARABIA Air Arabia PJSC Air Arabia PJSC	DFM	Industrials	43	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
23	JONP Jordan National Bank Jordan National Bank	ASE	Financials	42	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
24	AGTHIA AGTHIA Group AGTHIA Group	ADX	Materials	42	C	Board Size 10/10Board Independence 11/15Disclosure Quality 10/15
25	ICAP Investcorp Capital PLC Investcorp Capital PLC	ADX	Financials	42	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
26	DHOFARIS Dhofar Insurance Dhofar Insurance	MSX	Financials	42	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
27	SALALAHPORT Salalah Port Services Salalah Port Services	MSX	Industrials	42	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
28	2330 Advanced Petrochemical Co. Advanced Petrochemical Co...	TDWL	Materials	42	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
29	FUTUREKID Future Kid Entertainment Real Estate Co. KSCC Future Kid Entertainment ...	BK	Consumer Discretionary	42	C	Board Independence 15/15Gender Diversity 10/10Disclosure Quality 10/15
30	ADNIC Abu Dhabi National Insurance Company Abu Dhabi National Insura...	ADX	Financials	41	C	Board Size 10/10Board Independence 11/15Disclosure Quality 10/15
31	AWNIC Al Wathba National Insurance Co. Al Wathba National Insura...	ADX	Financials	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
32	HITS Hikma Pharmaceuticals PLC Hikma Pharmaceuticals PLC	ASE	Health Care	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
33	DHOFAR Bank Dhofar Bank Dhofar	MSX	Financials	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
34	ALDAR Al Dar Properties Al Dar Properties	ADX	Financials	41	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
35	RENSVCS Renaissance Services Renaissance Services	MSX	Industrials	41	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
36	BMSC Bank Muscat Bank Muscat	MSX	Financials	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
37	MHAR Al Mahhar Holding Company QPSC Al Mahhar Holding Company...	QSE	Information Technology	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
38	QIMD Qatar Industrial Manufacturing Co. Qatar Industrial Manufact...	QSE	Industrials	41	C	Board Independence 15/15Board Size 10/10Disclosure Quality 10/15
39	TAALEEM Taaleem Holdings PJSC Taaleem Holdings PJSC	DFM	Consumer Services	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
40	SIB Sharjah Islamic Bank Sharjah Islamic Bank	ADX	Financials	40	C	Board Size 10/10Board Independence 11/15Disclosure Quality 10/15
41	ADAVIATION Abu Dhabi Aviation Co. Abu Dhabi Aviation Co.	ADX	Industrials	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
42	BEYON Beyon B.S.C Beyon B.S.C	BHB	Communication Services	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
43	QNBK Qatar National Bank QPSC Qatar National Bank QPSC	QSE	Financials	40	C	Board Size 10/10Board Independence 11/15Disclosure Quality 10/15
44	DTC Dubai Taxi Co. PJSC Dubai Taxi Co. PJSC	DFM	Industrials	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
45	ADNOCLS ADNOC Logistics & Services plc ADNOC Logistics & Service...	ADX	Industrials	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
46	TKFL Abu Dhabi National Takaful Co. Abu Dhabi National Takafu...	ADX	Financials	40	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
47	EMAAR Emaar Properties (P.J.S.C) Emaar Properties (P.J.S.C...	DFM	Real Estate	39	C	Board Independence 15/15Disclosure Quality 10/15Governance Risk Score 8/15
48	FAB First Abu Dhabi Bank First Abu Dhabi Bank	ADX	Financials	39	C	Board Independence 15/15Disclosure Quality 10/15Gender Diversity 4/10
49	LIVA Liva Liva	MSX	Consumer Discretionary	39	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15
50	BATTPOWER Al Batinah Power Al Batinah Power	MSX	Utilities	39	C	Board Independence 15/15Board Size 7/10Disclosure Quality 10/15

Bottom 20 — Weakest Governance

Company	Exchange	Score	Grade	Weakest Pillars
ERC Emirates Reem Investments PJSC Emirates Reem Investments...	DFM	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
AMAN Dubai Islamic Insurance & Reinsurance Co. Dubai Islamic Insurance &...	DFM	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
MANAZEL Manazel PJSC Manazel PJSC	ADX	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
PCEM Kuwait Portland Cement Co. KSC Kuwait Portland Cement Co...	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
CLEANING National Cleaning Company National Cleaning Company	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
ASIYA Asiya Capital Investments Company (K.S.C.P) Asiya Capital Investments...	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
MANAZEL Manazel Holding Co. Manazel Holding Co.	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
MADAR Al Madar Kuwait Holding Co. Al Madar Kuwait Holding C...	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
EMIRATES Kuwait Emirates Holding Company K.S.C.P Kuwait Emirates Holding C...	BK	2	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
MASHAER Mashaer Holding Company K.S.C.(Public) Mashaer Holding Company K...	BK	3	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
GIH Gulf Investment House KSCC Gulf Investment House KSC...	BK	3	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
KUWAITRE Kuwait Reinsurance Co. Kuwait Reinsurance Co.	BK	4	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
RAKNIC Ras Alkhaima National Insurance Co. Ras Alkhaima National Ins...	ADX	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
FBI Fujairah Building Industries P.S.C Fujairah Building Industr...	ADX	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
HAYAH Hayah Insurance Company P.J.S.C Hayah Insurance Company P...	ADX	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
JOCM Jordan Chemical Industries Jordan Chemical Industrie...	ASE	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
MBSC Misr Beni Suef Cement Co. SAE Misr Beni Suef Cement Co....	EGX	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
ENTK Alentkaeya for Investment & Real Estate Development Company PLC Alentkaeya for Investment...	ASE	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
EASYLEASE Easy Lease Motorcycle Rental PJSC Easy Lease Motorcycle Ren...	ADX	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10
FUTR Future Arab Investment Company Future Arab Investment Co...	ASE	5	F	Board Independence 0/15Gender Diversity 0/10Board Size 0/10

By Exchange

MSX

85 cos — best: PHOENIXPOWER (43)

QSE

55 cos — best: FALH (46)

ADX

95 cos — best: BURJEEL (61)

BHB

17 cos — best: KFH (52)

DFM

61 cos — best: SALIK (74)

TDWL

382 cos — best: 4084 (53)

136 cos — best: ZAIN (53)

ASE

188 cos — best: JONP (42)

ISX

1 cos — best: BLAD (14)

EGX

201 cos — best: TAQA (38)

By Sector

Energy

22 cos

Utilities

28 cos

Communication Services

24 cos

Non-Energy Minerals

2 cos

Industrials

155 cos

Health Care

40 cos

Real Estate

9 cos

Financials

370 cos

Consumer Discretionary

105 cos

Methodology

8-Pillar Model (0-100):

Board Independence (15): Percentage of independent directors. 50%+ = full marks (GCC codes require 33%).
Gender Diversity (10): Female board representation. 30%+ = full marks. GCC average is ~5%.
Board Size (10): Optimal size 7-11 members per international best practice.
Committee Structure (10): Presence of audit, remuneration, and nomination committees.
Meeting Attendance (10): Average board meeting attendance percentage.
Disclosure Quality (15): Availability of financials, director data, and governance details.
Remuneration Transparency (15): Executive compensation and board fee disclosure.
Governance Risk Score (15): Integration of existing multi-factor GRS assessment.

The GCC Corporate Governance Index continues the benchmarking work of the GCC Board Directors Institute (GCC BDI), which published annual reports until FY2020. Scores reflect data availability — companies with limited public disclosure will score lower. This is a transparency assessment, not investment advice.

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.

Data sources · Full disclaimer · Data freshness

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