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 does the Governance Risk Score measure for GCC companies?

The Governance Risk Score is a composite assessment across 10 dimensions: board independence (20pts), committee coverage (15pts), meeting attendance (15pts), board size (10pts), CEO/Chair separation (10pts), auditor independence (10pts), credential density (5pts), pay transparency (5pts), gender diversity (5pts), and ownership concentration (5pts). Each company receives a score out of 100, a letter grade A–F, and a data-confidence tier (A, B, C, or Insufficient). Scores are re-normalized to populated dimensions only — companies with fewer than 4 of 10 dimensions parsed are excluded from the leaderboard rather than penalized for disclosure gaps. Aligned with Saudi CMA, UAE SCA, Qatar QFMA, Bahrain CBB, AAOIFI Standard 1 (for Islamic FIs), IFC, OECD G20 Principles, and GCC BDI Pearl Initiative.

How are governance grades assigned?

Companies scoring 80+ receive an A, 65-79 a B, 50-64 a C, 35-49 a D, and below 35 an F. Scores are computed live from current board data — not from a static snapshot.

Which GCC companies are covered by the Governance Risk Score?

All GCC-listed companies with at least one governance data point are scored. Coverage depends on the quality of public filings. Data completeness is shown per company so you can assess confidence.

Last updated 9 Jun 2026·Source: SouqData proprietary analysis

What this page covers

Composite governance risk scores for GCC-listed companies. Board independence, CEO/Chair separation, attendance, auditor independence, committee coverage, and pay transparency.

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.

Governance Risk Score

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

Live composite governance quality assessment for 473 GCC-listed companies across 8 dimensions. Scores update automatically as board data changes.

SouqData scores governance quality across 577 GCC-listed companies using an 8-factor model weighted to 100 points: board independence (20pts), committee coverage (15pts), board meeting attendance (15pts), board size appropriateness (10pts), CEO/chair separation (10pts), auditor independence (10pts), credential density (10pts), and pay transparency (10pts). The model is aligned with OECD Principles of Corporate Governance, IFC guidelines, and GCC BDI standards.

Source: SouqData governance risk model. Methodology aligned with OECD, IFC, CMA (Saudi Arabia), SCA (UAE), and GCC BDI governance frameworks.

Companies Scored

473

credible (tier ≥ C)

Average Score

55/100

A + B Grade

122

score 65+

F Grade

score below 35

Insufficient Data

446

excluded — < 4 of 10 dims parsed

Grade Distribution

106

22%

185

39%

134

28%

Component Breakdown

Market-wide averages. Lower bars reveal systemic governance gaps.

Committee Coverage0.2/15

Meeting Attendance0.3/15

Board Gender Diversity0.3/5

Disclosure Timeliness1/5

Pay Transparency1.2/5

Credential Density1.2/5

RPT Disclosure1.4/5

Ownership Diversification2.2/5

Board Independence10.1/20

Auditor Independence5.4/10

Board Size6.1/10

CEO/Chair Separation9.5/10

Weakest: Committee Coverage at 1% of maximum.

Top 10best governance

RENSVCS

Renaissance Services

94A

FCI

Fujairah Cement Industries

92A

ALMIS

Al Madina Insurance

90A

OMCABLE

Oman Cables Industry

89A

2330

Advanced Petrochemical Co.

86A

BEYON

Beyon B.S.C

85A

DUTYF

Bahrain Duty Free Shop Complex

85A

ANWAR

Al Anwar Investments

84A

E7 Group PJSC

84A

OMARAB

Oman Arab Bank

84A

Bottom 10highest risk

9645

National Signage Industria Co.

4162

Almunajem Foods Company

2281

Tanmiah Food Company

8240

Chubb Arabia Cooperative Insurance Company

6019

Al Masar Al Shamil Education Co.

4163

Al Dawaa Medical Services Co.

9606

Altharwah Albashariyyah Co.

20F

9589

Fad International Company

20F

UPP

Union Properties (P.J.S.C)

23F

QIC

Umm Al-Qaiwain General Investments Co PSC

23F

All Companies473 scored

#	Company	Sector	Score	Grade	Board /20	Committee /15	Meeting /15	Board /10	CEO/Chair /10	Auditor /10	Board /5	Credential /5	Pay /5	Ownership /5	RPT /5	Disclosure /5	Data
1	RENSVCS Renaissance Services	Industrials	94	AConf C	20	0	0	7	10	10	0	1	5	2	3	0	42%
2	FCI Fujairah Cement Industries	Materials	92	AConf C	20	0	0	10	10	10	0	1	5	5	0	0	58%
3	ALMIS Al Madina Insurance	Financials	90	AConf C	20	0	0	3	10	10	0	1	5	2	4	0	42%
4	OMCABLE Oman Cables Industry	Industrials	89	AConf C	20	0	0	3	10	10	0	1	5	2	3	0	42%
5	2330 Advanced Petrochemical Co.	Materials	86	AConf C	20	0	0	10	5	5	0	3	0	5	0	0	42%
6	BEYON Beyon B.S.C	Communication Services	85	AConf C	15	0	0	10	10	10	0	4	0	2	3	0	42%
7	DUTYF Bahrain Duty Free Shop Complex	Consumer Discretionary	85	AConf C	10	0	0	10	10	10	0	1	5	2	3	0	42%
8	ANWAR Al Anwar Investments	Financials	84	AConf C	20	0	0	3	10	10	0	1	0	2	3	0	33%
9	E7 E7 Group PJSC	Financials	84	AConf B	20	0	0	10	10	7	0	3	5	3	4	2	58%
10	OMARAB Oman Arab Bank	Financials	84	AConf C	20	0	0	3	10	10	0	1	0	2	3	0	33%
11	ALMAHA Almaha Petroleum Products	Energy	83	AConf C	20	0	0	3	10	10	0	1	5	3	3	0	50%
12	DRIVE Emirates Driving Company	Consumer Discretionary	83	AConf C	10	0	0	10	10	10	0	1	5	2	3	2	42%
13	PARKIN Parkin Co. PJSC	Consumer Services	83	AConf B	15	5	0	10	10	10	0	5	5	2	3	4	58%
14	AHLIBANK Ahli Bank	Financials	81	AConf C	10	0	0	10	10	5	0	1	5	2	3	0	33%
15	4100 Makkah Construction & Development Co.	Financials	80	AConf C	10	0	0	10	10	5	0	1	0	5	0	2	33%
16	HITS Hikma Pharmaceuticals PLC	Health Care	80	AConf C	15	0	0	10	10	5	2	1	0	5	3	0	42%
17	1020 Bank Aljazira	Financials	79	BConf C	10	0	0	10	10	5	0	1	0	5	3	2	33%
18	2310 Sahara International Petrochemical Company	Materials	79	BConf C	10	0	0	10	10	5	0	1	0	5	3	2	33%
19	ARMX Aramex PJSC	Industrials	79	BConf B	20	0	0	10	10	7	0	5	0	1	3	2	50%
20	PHOENIXPOWER Phoenix Power Co	Utilities	79	BConf C	15	0	0	10	10	10	0	3	0	2	3	0	42%
21	8313 Rasan Information Technology Co.	Information Technology	78	BConf C	10	0	0	7	10	5	0	1	0	5	3	4	33%
22	ADNIC Abu Dhabi National Insurance Company	Financials	77	BConf B	10	0	0	10	10	5	4	1	5	5	3	2	50%
23	RAKPROP RAK Properties	Financials	77	BConf C	15	0	0	7	10	5	4	1	0	2	0	2	33%
24	PHX PHOENIX GROUP PLC	Financials	76	BConf C	15	0	0	3	10	5	0	4	5	2	3	4	42%
25	QIMD Qatar Industrial Manufacturing Co.	Industrials	76	BConf C	15	0	0	10	10	5	0	1	0	5	0	4	42%
26	4194 Marketing Home Group for Trading Co.	Consumer Discretionary	75	BConf C	10	0	0	7	10	5	4	1	0	5	0	0	42%
27	DEYAAR Deyaar Development (P.J.S.C)	Financials	75	BConf C	10	0	0	7	5	10	0	1	5	5	3	2	42%
28	FERTIGLB Fertiglobe plc	Materials	75	BConf A	15	0	15	10	10	10	2	1	5	0	3	2	67%
29	OMEM Oman Emirates Holding	Financials	75	BConf B	10	0	0	7	10	7	0	4	5	5	3	0	58%
30	SOHARPOWER Sohar Power	Utilities	75	BConf C	20	0	0	3	10	5	0	1	0	3	4	0	33%
31	TAAGEER Taageer Finance	Financials	75	BConf C	20	0	0	3	10	3	0	1	5	3	4	0	50%
32	4007 Al Hammadi Holding	Health Care	74	BConf C	10	0	0	10	10	5	2	1	0	5	0	0	42%
33	ADAVIATION Abu Dhabi Aviation Co.	Industrials	74	BConf B	15	0	0	7	10	3	0	4	5	2	3	2	50%
34	FAB First Abu Dhabi Bank	Financials	74	BConf B	15	0	0	3	10	10	2	3	0	5	3	5	58%
35	JAZSTEEL Al Jazeera Steel	Materials	74	BConf C	20	0	0	3	10	5	0	1	5	1	3	0	42%
36	NMDCENR NMDC Energy P.J.S.C.	Industrials	74	BConf B	15	0	0	3	10	7	0	4	5	2	3	2	50%
37	OOMC Oman Oil Marketing	Energy	74	BConf C	15	0	0	7	5	10	0	1	0	3	4	0	33%
38	SALIK Salik Company PJSC	Industrials	74	BConf A	15	15	15	10	10	10	0	3	5	0	3	2	83%
39	SIB Sharjah Islamic Bank	Financials	74	BConf C	10	0	0	10	10	5	2	1	0	5	0	4	42%
40	AIRARABIA Air Arabia PJSC	Industrials	73	BConf B	15	0	0	10	10	10	0	4	0	1	3	2	50%
41	AWNIC Al Wathba National Insurance Co.	Financials	73	BConf C	15	0	0	10	10	5	2	1	0	2	0	4	33%
42	DFM Dubai Financial Market (DFM) - PJSC	Financials	73	BConf B	10	0	0	10	10	10	0	1	5	3	3	4	58%
43	LIVA Liva	Consumer Discretionary	73	BConf C	20	0	0	10	10	5	0	1	0	1	3	0	33%
44	CABK Cairo Amman Bank	Financials	72	BConf C	10	0	0	3	10	7	0	1	5	5	3	0	50%
45	GISS Gulf International Services QSC	Energy	72	BConf C	10	0	0	3	10	5	0	1	0	5	3	4	33%
46	QFBQ Lesha Bank L.L.C	Financials	72	BConf C	15	0	0	7	10	5	0	1	0	5	0	5	42%
47	1831 Maharah Human Resources Co.	Industrials	71	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
48	3003 City Cement Co.	Materials	71	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
49	9525 Al Samaani Factory	Industrials	71	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
50	ALDEERA Al-Deera Holding Company	Financials	71	BConf C	10	0	0	3	10	5	0	1	5	2	3	0	33%
51	FNAR Al Fanar Contracting Construction Trade Import & Export Co.	Industrials	71	BConf C	20	0	0	3	10	3	0	1	0	2	3	0	33%
52	INB Invest Bank	Financials	71	BConf C	10	0	0	3	10	7	0	1	0	5	3	2	42%
53	KCIN Kuwait National Cinema Co.	Consumer Discretionary	71	BConf C	10	0	0	10	10	5	0	3	0	2	4	0	33%
54	TAALEEM Taaleem Holdings PJSC	Consumer Services	71	BConf B	15	0	0	10	10	3	0	3	5	1	3	0	58%
55	4030 National Shipping Co. of Saudi Arabia	Industrials	70	BConf B	15	0	0	10	10	5	0	1	5	3	3	2	58%
56	9595 WSM for Information Technology Co.	Information Technology	70	BConf C	10	0	0	3	10	5	5	1	0	5	0	0	42%
57	KFIC KFIC Invest K.S.C.P	Financials	70	BConf C	15	0	0	3	10	5	4	1	5	2	4	0	50%
58	QNCD Qatar National Cement Co.	Materials	70	BConf C	10	0	0	10	10	5	0	1	0	5	0	5	42%
59	4084 Derayah Financial Company	Financials	69	BConf C	10	0	15	10	10	5	0	1	0	5	0	0	58%
60	4200 Aldrees Petroleum & Transport Services Co.	Consumer Staples	69	BConf B	10	0	0	10	10	5	0	1	5	5	3	2	50%
61	4325 Umm Al Qura for Development and Construction Company	Financials	69	BConf C	10	0	0	3	10	5	0	1	0	5	0	2	33%
62	9557 Edarat Communication and Information Technology Co.	Information Technology	69	BConf C	10	0	0	7	10	5	4	1	0	3	0	0	42%
63	ALDAR Al Dar Properties	Financials	69	BConf A	15	0	0	10	10	10	0	1	5	1	3	2	67%
64	EAND Emirates Telecom. Group Company (Etisalat Group) PJSC	Communication Services	69	BConf A	15	0	0	3	10	10	2	3	5	0	3	5	67%
65	JOKB Jordan Kuwait Bank	Financials	69	BConf C	10	0	0	10	5	10	0	1	5	1	3	0	42%
66	JTEL Jordan Telecom	-	69	BConf B	10	0	0	7	10	10	0	3	5	1	3	0	58%
67	TECOM TECOM Group PJSC	Financials	69	BConf B	10	0	0	3	10	7	0	4	5	5	0	2	58%
68	1030 Saudi Investment Bank	Financials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	2	42%
69	1210 Basic Chemical Industries Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
70	1322 Al Masane Al Kobra Mining Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
71	2030 Saudi Arabia Refineries Co.	Financials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
72	2090 National Gypsum Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
73	2180 Filing & Packing Materials Manufacturing Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
74	2230 Saudi Chemical Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
75	2360 Saudi Vitrified Clay Pipes Co.	Industrials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
76	2370 Middle East Specialized Cables Co.	Industrials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
77	3020 Yamamah Saudi Cement Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
78	4050 Saudi Automotive Services Co.	Consumer Discretionary	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
79	4130 Saudi Darb Investment Co.	Financials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
80	4140 Saudi Industrial Export Co.	Consumer Staples	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
81	4148 Alwasail Industrial Company	Industrials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
82	4180 Fitaihi Holding Group	Consumer Staples	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
83	4191 Abdullah Saad Mohammed Abo Moati for Bookstores Co.	Consumer Discretionary	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
84	4290 Al Khaleej Training & Education Co.	Consumer Discretionary	68	BConf C	10	0	0	10	10	5	0	3	0	5	0	0	50%
85	6020 Al Gassim Investment Holding Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
86	6090 Jazan Development and Investment Company	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
87	8010 Company for Cooperative Insurance	Financials	68	BConf C	10	0	0	7	5	3	0	1	0	5	3	4	33%
88	9515 Fesh Fash Snack Food Production Co.	Consumer Staples	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
89	9535 Ladun Investment Company	Financials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
90	9539 Aqaseem Factory for Chemicals and Plastics Co.	Materials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	42%
91	AJMANBANK Ajman Bank PJSC	Financials	68	BConf C	0	0	0	0	5	10	0	1	5	0	3	2	25%
92	IHGS Inma Holding Company	Financials	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	4	42%
93	JONP Jordan National Bank	Financials	68	BConf C	15	0	0	7	10	5	2	1	0	2	4	0	33%
94	MULTIPLY Multiply Group PJSC	Industrials	68	BConf C	20	0	0	3	10	3	0	3	0	2	3	0	42%
95	QCFS Qatar Cinema & Film Distribution Co.	Consumer Discretionary	68	BConf C	10	0	0	10	10	5	0	1	0	5	0	4	42%
96	ZAIN Mobile Telecommunications Company K.S.C.P	Communication Services	68	BConf A	5	15	15	7	10	5	0	1	5	5	3	0	75%
97	1140 Bank Albilad	Financials	67	BConf B	10	0	0	7	10	10	0	1	5	3	3	2	58%
98	AGTHIA AGTHIA Group	Materials	67	BConf B	10	0	0	10	10	10	2	1	5	0	3	2	58%
99	BANKNIZWA Bank Nizwa	Financials	67	BConf C	20	0	0	10	10	5	0	1	0	2	3	0	33%
100	EMAAR Emaar Properties (P.J.S.C)	Real Estate	67	BConf B	15	0	0	3	10	5	2	3	5	3	4	2	58%
101	KFH Kuwait Finance House K.S.C.	Financials	67	BConf B	10	10	15	3	10	3	2	1	5	2	4	0	67%
102	KFH Kuwait Finance House K.S.C.	Financials	67	BConf B	10	10	15	3	10	3	2	1	5	2	4	0	67%
103	MKHZN Agility Public Warehousing Co. K.S.C.	Industrials	67	BConf C	10	0	0	7	10	5	0	1	5	5	3	0	50%
104	OMANTEL Oman Telecom	Communication Services	67	BConf B	15	0	0	7	10	7	0	1	5	1	3	0	58%
105	SRE Salhia Real Estate Co. K.S.C.	Financials	67	BConf C	20	0	0	3	5	5	0	1	5	2	3	0	33%
106	UDCD United Development Co.	Financials	67	BConf C	10	0	0	10	10	5	0	1	0	5	3	4	42%
107	1214 Al Hassan Ghazi Ibrahim Shaker Co.	Consumer Staples	66	BConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
108	8030 Mediterranean & Gulf Cooperative Insurance & Reinsurance Co.	Financials	66	BConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
109	DIB Dubai Islamic Bank PJSC	Financials	66	BConf A	10	0	15	7	10	3	0	1	5	3	4	2	67%
110	ICAP Investcorp Capital PLC	Financials	66	BConf C	15	0	0	10	10	5	0	3	0	0	4	2	42%
111	1183 SHL Finance Co.	Financials	65	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	50%
112	2080 National Gas & Industrialization Co.	Utilities	65	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	50%
113	2190 Sustained Infrastructure Holding Company	Industrials	65	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	50%
114	3060 Yanbu Cement Co.	Materials	65	BConf C	10	0	0	10	10	5	0	1	0	5	0	0	50%
115	4250 Jabal Omar Development Co.	Consumer Discretionary	65	BConf B	10	0	0	7	10	5	0	1	5	5	3	2	50%
116	5110 Saudi Energy Co.	Utilities	65	BConf B	10	0	0	10	10	5	0	3	5	0	3	2	50%
117	DHOFAR Bank Dhofar	Financials	65	BConf C	15	0	0	10	10	5	0	1	0	2	3	0	33%
118	FALH Al Faleh Educational Holding Co.	Industrials	65	BConf C	10	0	0	10	10	5	5	1	0	1	0	0	42%
119	FERTIGLOBE Fertiglobe PLC	Materials	65	BConf B	10	0	0	7	10	7	4	1	5	0	3	0	58%
120	GWCS Gulf Warehousing Co.	Industrials	65	BConf C	10	0	0	7	10	5	0	1	0	5	0	5	42%
121	MKHZN Agility Public Warehousing Co. K.S.C.	Industrials	65	BConf B	10	0	0	7	10	5	0	1	5	5	3	2	50%
122	SEEF Seef Properties B.S.C	Financials	65	BConf C	10	0	0	10	10	3	0	1	0	2	3	0	33%
123	4015 Jamjoom Pharmaceuticals Factory Co.	Health Care	64	CConf B	10	0	0	10	10	5	0	3	5	0	3	4	58%
124	DANA DANA GAS PJSC	Energy	64	CConf B	10	0	0	3	10	10	2	1	5	5	0	2	67%
125	QGTS Qatar Gas Transport Co.	Industrials	64	CConf B	15	0	0	7	10	5	0	1	0	3	3	5	50%
126	QIIK Qatar International Islamic Bank	Financials	64	CConf B	10	0	0	3	10	5	0	1	5	5	3	5	50%
127	1182 Amlak International for Real Estate Finance Company	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
128	1301 United Wire Factories Co.	Industrials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
129	1835 Tamkeen Human Resources Company	Industrials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
130	2110 Saudi Cable Co.	Industrials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
131	2130 Saudi Industrial Development Co.	Consumer Discretionary	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
132	2160 Saudi Arabian Amiantit Co.	Materials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
133	2288 Nofoth Food Products Co	Consumer Staples	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
134	4051 Baazeem Trading Co.	Consumer Staples	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
135	4061 Anaam International Holding Group	Consumer Staples	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
136	4146 Gas Arabian Services Co	Industrials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
137	4170 Tourism Enterprise Co.	Consumer Discretionary	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
138	7211 Saudi Azm for Communication and Information Technology Co.	Information Technology	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
139	8120 Gulf Union Alahlia Cooperative Insurance Co.	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
140	8150 Allied Cooperative Insurance Group	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
141	8160 Arabia Insurance Cooperative Co.	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
142	8210 Bupa Arabia for Cooperative Insurance Co.	Financials	63	CConf B	10	0	0	10	10	5	2	1	5	0	3	2	50%
143	9514 Mohammed Hassan Al Naqool Sons Co. Ltd	Materials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
144	9527 AME Company for Medical Supplies	Consumer Staples	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
145	9586 Osool & Bakheet Investment Company	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
146	9587 Lana Medical Co.	Health Care	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
147	9590 Armah Sports Company	Consumer Discretionary	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
148	9608 Al Ashghal Almoysra Company	Industrials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	42%
149	ADNOCDRILL ADNOC Drilling Company PJSC	Industrials	63	CConf A	15	10	0	7	10	10	0	1	5	0	3	2	67%
150	BOJX Bank of Jordan PLC	Financials	63	CConf C	10	0	0	3	10	5	2	1	5	2	4	0	42%
151	DHBK Doha Bank	Financials	63	CConf B	10	0	0	3	10	10	2	1	0	5	3	5	58%
152	DTC Dubai Taxi Co. PJSC	Industrials	63	CConf B	15	0	0	7	10	3	0	3	5	0	4	2	58%
153	MRDS Mazaya Real Estate Development Company	Financials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	4	42%
154	MUSCATDESALINATION Muscat City Desalination	Utilities	63	CConf C	20	0	0	3	10	5	0	1	0	1	4	0	33%
155	PUREHEALTH Pure Health Holding PJSC	Health Care	63	CConf C	10	0	0	7	5	10	0	1	0	3	0	2	33%
156	QEWS Nebras Energy	Utilities	63	CConf C	10	0	0	7	10	5	0	1	0	5	3	4	42%
157	QIGD Qatari Investors Group	Materials	63	CConf C	10	0	0	7	10	5	0	1	0	5	0	4	42%
158	SALAM Salam Bounian Development PJSC	Real Estate	63	CConf B	10	0	0	3	10	10	0	3	5	0	4	0	58%
159	SALAM Al Salam Bank B.S.C.	Financials	63	CConf B	10	0	0	3	10	10	0	3	5	0	4	0	58%
160	STC Kuwait Telecommunications Co.	Communication Services	63	CConf B	10	0	0	10	10	5	0	3	5	0	3	0	58%
161	2070 Saudi Pharmaceutical Industries & Medical Appliances Corp.	Health Care	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
162	2290 Yanbu National Petrochemical Co.	Materials	62	CConf A	10	0	0	10	10	10	0	1	5	0	3	2	67%
163	4090 Taiba Investment Company	Consumer Discretionary	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
164	8300 Wataniya Insurance Co.	Financials	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
165	9569 Almuneef Co. for Trading Industry Agriculture & Contraracting	Consumer Staples	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
166	9585 Mulkia Investment Company	Financials	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
167	9600 Qomel Company	Health Care	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
168	9631 Hedab Alkhaleej Trading Co.	Consumer Staples	62	CConf C	10	0	0	10	10	5	0	1	0	3	0	0	42%
169	BOS Bank of Sharjah	Financials	62	CConf C	10	0	0	10	10	5	2	1	0	2	0	2	33%
170	BURJEEL BURJEEL HOLDINGS PLC	Health Care	62	CConf A	15	5	10	10	10	10	2	1	5	0	3	2	83%
171	EIBANK Emirates Investment Bank PJSC	Financials	62	CConf C	10	0	0	3	5	5	0	1	5	2	3	2	25%
172	MCGS Medicare Group QSC	Health Care	62	CConf C	15	0	0	3	10	5	0	1	0	5	0	2	42%
173	NGI National General Insurance Co (P.J.S.C)	Financials	62	CConf C	15	0	0	10	5	5	0	3	0	0	3	2	33%
174	RAKCEC RAK Ceramics PJSC	Industrials	62	CConf C	10	0	0	10	10	5	2	1	0	2	0	2	33%
175	UAB United Arab Bank	Financials	62	CConf B	10	0	0	10	10	10	2	1	0	2	3	2	50%
176	ADPORTS Abu Dhabi Ports Company PJSC	Industrials	61	CConf A	5	0	15	7	10	7	0	1	5	3	3	2	67%
177	BKSHR Bank Sohar	Financials	61	CConf C	15	0	0	7	10	5	0	1	0	1	3	0	33%
178	JGBK Jordan Ahli Bank	Financials	61	CConf C	10	0	0	10	10	3	0	1	0	5	3	0	50%
179	QIBK Qatar Islamic Bank	Financials	61	CConf B	10	0	0	3	10	3	2	1	0	5	3	5	50%
180	4220 Emaar, The Economic City	Financials	60	CConf B	10	0	0	10	10	5	0	1	5	1	3	2	58%
181	4300 Dar Al Arkan Real Estate Development Co.	Financials	60	CConf C	10	0	0	7	10	5	0	1	5	0	3	2	42%
182	6040 Tabuk Agricultural Development Co.	Consumer Staples	60	CConf C	10	0	0	7	10	5	0	1	0	5	0	0	50%
183	8230 Al Rajhi Co. for Cooperative Insurance	Financials	60	CConf C	10	0	0	10	5	5	0	1	5	3	3	2	42%
184	IGRD Estithmar Holding Q.P.S.C	Financials	60	CConf C	10	0	0	3	10	5	2	1	0	5	0	2	42%
185	MARK AlRayan Bank	Financials	60	CConf B	10	0	0	3	10	5	0	1	5	5	3	5	58%
186	QISI Qatar Islamic Insurance Group	Financials	60	CConf C	10	0	0	3	10	5	0	1	0	5	4	5	42%
187	QNBK Qatar National Bank QPSC	Financials	60	CConf C	10	0	0	10	10	5	2	1	0	1	3	0	42%
188	TAQA TAQA Arabia	Utilities	60	CConf B	15	0	0	3	10	3	2	3	5	1	3	0	67%
189	4002 Mouwasat Medical Services Co.	Health Care	59	CConf A	10	0	0	7	10	7	0	3	5	1	3	2	67%
190	AHLI Jordan Ahli Bank	-	59	CConf C	10	0	0	3	5	3	0	1	0	5	3	0	33%
191	EMPOWER Emirates Central Cooling Systems Corporation PJSC	Utilities	59	CConf B	10	0	0	10	10	10	0	3	0	0	3	2	58%
192	EXFB Capital Bank of Jordan	Financials	59	CConf C	10	0	0	3	10	5	0	1	0	5	3	0	42%
193	KIB Kuwait International Bank KSC	Financials	59	CConf B	10	0	0	3	10	5	0	1	5	5	4	0	58%
194	QATI Qatar Insurance Co.	Financials	59	CConf C	15	0	0	3	5	5	0	1	0	5	0	4	33%
195	RAKBANK The National Bank of Ras Al Khaimah	Financials	59	CConf B	10	0	0	10	10	10	0	1	0	1	3	2	50%
196	SIIS Salam International Investment Ltd.	Consumer Discretionary	59	CConf C	10	0	0	10	5	5	0	1	0	5	0	2	33%
197	TAQA Abu Dhabi National Energy Company	Utilities	59	CConf A	15	0	0	3	10	3	2	3	5	1	3	2	67%
198	1212 Astra Industrial Group	Health Care	58	CConf C	10	0	0	10	10	5	0	1	0	3	3	2	42%
199	4013 Dr. Sulaiman Al-Habib Medical Services Group Co.	Health Care	58	CConf B	10	0	0	10	10	5	0	1	5	0	3	2	58%
200	4280 Kingdom Holding Co.	Financials	58	CConf A	5	0	0	7	10	10	2	3	5	0	3	2	67%
201	7203 Elm Company	Information Technology	58	CConf A	5	0	0	10	10	10	0	1	5	0	3	4	67%
202	ARBK Arab Bank PLC	Financials	58	CConf C	10	0	0	3	10	10	2	1	0	2	3	0	42%
203	CBQK Commercial Bank (Q.S.C.)	Financials	58	CConf C	10	0	0	3	10	5	0	1	0	5	3	5	42%
204	LULU Lulu Retail Holdings PLC	Consumer Discretionary	58	CConf C	15	0	0	7	10	5	2	1	0	0	3	2	42%
205	QFLS Qatar Fuel-Woqod QSC	Energy	58	CConf C	10	0	0	3	10	5	0	1	0	5	3	5	42%
206	1060 Saudi Awwal Bank	Financials	57	CConf B	10	0	0	7	10	5	0	3	5	0	3	2	58%
207	2220 National Metal Manufacturing & Casting Co.	Materials	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
208	4021 Canadian Medical Center Co.	Health Care	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
209	4292 Ataa Educational Company	Consumer Discretionary	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
210	9545 International Human Resources Company	Industrials	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
211	9547 Rawasi Al Bina Investment Co.	Communication Services	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
212	9567 Ghida Al-Sultan Co.	Consumer Discretionary	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
213	9580 Al Rashid Industrial Co	Industrials	57	CConf C	10	0	0	7	10	5	0	1	0	3	0	0	42%
214	ALANSARI Al Ansari Financial Services PJSC	Industrials	57	CConf C	5	0	0	10	10	5	0	5	0	0	3	2	42%
215	ALPHADHABI Alpha Dhabi Holding PJSC	Industrials	57	CConf C	10	0	0	10	10	5	2	1	0	0	3	0	50%
216	BOUBYAN Boubyan Bank K.S.C.	Financials	57	CConf C	10	0	0	3	10	5	0	1	5	2	4	0	42%
217	DHAFRA Al Dhafra Insurance Co.	Financials	57	CConf C	10	0	0	7	10	5	2	1	0	2	0	2	33%
218	IHC International Holding Company PJSC	Health Care	57	CConf B	15	0	0	7	0	5	2	3	5	3	3	2	58%
219	MABANEE Mabanee Company (SAKC)	Financials	57	CConf B	5	0	0	7	10	3	0	3	5	5	4	0	67%
220	SHARQIYADESALINATION Sharqiyah Desalination Company	Utilities	57	CConf C	10	0	0	10	10	5	0	1	0	1	3	0	33%
221	1180 Saudi National Bank	Financials	56	CConf A	10	0	0	3	10	10	0	1	5	0	3	4	67%
222	1211 Saudi Arabian Mining Co.	Materials	56	CConf A	10	0	0	3	10	10	0	1	5	0	3	4	67%
223	4210 Saudi Research and Media Group	Industrials	56	CConf C	10	0	0	10	10	5	2	1	0	1	0	0	42%
224	7010 Saudi Telecom Co.	Communication Services	56	CConf A	10	0	0	3	10	10	2	1	5	0	3	2	67%
225	ADNOCGAS ADNOC Gas plc	Energy	56	CConf A	10	10	5	10	10	3	2	3	5	0	3	2	83%
226	IPG Independent Petroleum Group SAK	Consumer Staples	56	CConf C	15	0	0	7	10	5	0	1	0	2	4	0	33%
227	OMCEMENT Oman Cement	Materials	56	CConf C	20	0	0	3	10	5	0	1	0	0	3	0	33%
228	QAMC Qatar Aluminium Manufacturing Company	Materials	56	CConf C	10	0	0	7	10	5	0	3	0	0	3	0	42%
229	SOOR Soor Fuel Marketing Co. KSC	Utilities	56	CConf C	10	0	0	10	10	5	0	1	0	2	0	0	42%
230	VFQS Vodafone Qatar QSC	Communication Services	56	CConf B	10	0	0	7	10	3	0	1	5	1	3	5	58%
231	ZHCD Zad Holding Co.	Consumer Staples	56	CConf B	10	0	0	7	10	3	0	1	0	5	3	2	50%
232	1080 Arab National Bank	Financials	55	CConf C	10	0	0	10	10	5	0	1	0	1	3	2	33%
233	1150 Alinma Bank	Financials	55	CConf A	10	0	0	3	10	10	0	1	5	1	3	2	67%
234	1832 Sadr Logistics Co.	Industrials	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
235	3004 Northern Region Cement Co.	Materials	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
236	4143 Al Taiseer Group Talco Industrial Co.	Materials	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
237	4165 Al Majed for Oud Company	Consumer Discretionary	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
238	4261 Theeb Rent a Car Company	Financials	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
239	8260 Gulf General Cooperative Insurance Co.	Financials	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
240	9578 Atlas Elevators General Trading and Contracting Company	Consumer Staples	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
241	9598 Al Mohafaza Company for Education	Consumer Discretionary	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
242	9651 Abdulaziz Altwijri Trading Co.	Consumer Staples	55	CConf C	10	0	0	3	10	5	0	1	0	5	0	0	42%
243	AHCS Aamal Company Q.S.C.	Consumer Staples	55	CConf B	10	0	0	7	10	5	0	1	5	1	3	2	58%
244	ASYAD Asyad Shipping Company	Industrials	55	CConf C	10	0	0	10	10	10	0	1	0	0	3	0	42%
245	DRC Dubai Refreshment Company P.J.S.C	Consumer Staples	55	CConf C	5	0	0	10	5	5	0	1	5	2	0	5	33%
246	HUMANSOFT Human Soft Holding Co. KSCC	Industrials	55	CConf C	0	0	0	3	10	5	0	1	5	2	3	0	33%
247	JOIB Jordan Islamic Bank	Financials	55	CConf C	10	0	0	3	10	10	2	1	0	2	3	0	50%
248	KHALEEJI Khaleeji Bank B.S.C.	Financials	55	CConf C	5	0	0	10	10	5	0	1	5	0	4	0	50%
249	MARKAZ Kuwait Financial Centre KPSC	Financials	55	CConf C	0	0	0	3	10	5	5	1	5	2	3	0	42%
250	NBQ National Bank of Umm Al Qaiwain	Financials	55	CConf C	0	0	0	3	5	10	0	1	5	2	3	0	33%
251	SUKOON Sukoon Insurance PJSC	Financials	55	CConf C	15	0	0	7	5	5	0	1	0	2	4	2	25%
252	9649 Jamjoom Fashion Trading Co.	Consumer Discretionary	54	CConf C	10	0	0	3	10	5	5	1	0	1	0	0	42%
253	ABRIJ Al Wathba National Insurance Company PSC	Financials	54	CConf B	10	0	0	7	10	3	0	1	0	5	3	0	58%
254	ADNH Abu Dhabi National Hotels Co.	Consumer Discretionary	54	CConf C	15	0	0	3	5	3	0	1	5	2	3	2	42%
255	ADNOCLS ADNOC Logistics & Services plc	Industrials	54	CConf B	15	0	0	7	10	3	2	1	0	0	4	2	58%
256	ALG Ali Alghanim Sons Automotive Company	Consumer Staples	54	CConf C	10	0	0	10	10	5	0	1	0	2	3	0	42%
257	ARZAN Arzan Financial Group for Financing and Investment (KPSC)	Financials	54	CConf C	10	0	0	10	10	5	0	1	0	2	3	0	42%
258	DBIS Dlala Brokerage and Investment Holding Company	Financials	54	CConf C	10	0	0	3	10	5	0	1	0	5	0	2	42%
259	EMIRATESNBD Emirates NBD Bank (P.J.S.C)	Financials	54	CConf B	5	0	0	10	10	3	0	3	0	1	3	5	50%
260	NBK National Bank of Kuwait K.S.C.	Financials	54	CConf B	10	0	15	3	10	5	0	1	5	2	3	0	58%
261	QGMD Qatar German For Medical Devices	Consumer Staples	54	CConf C	10	0	0	3	10	5	0	1	0	5	0	2	42%
262	1050 Banque Saudi Fransi	Financials	53	CConf B	10	0	0	3	10	5	0	3	5	1	0	2	50%
263	1302 Bawan Co.	Materials	53	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	33%
264	2222 Saudi Arabian Oil Co.	Energy	53	CConf A	10	0	0	7	10	3	2	1	5	0	3	2	67%
265	9513 Watani Iron Steel Co	Materials	53	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	33%
266	9538 Naseej for Technology Co.	Information Technology	53	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	33%
267	ABQK AHLI BANK Q.P.S.C.	Financials	53	CConf C	10	0	0	7	5	5	0	1	0	3	0	5	33%
268	AMR Americana Restaurants International PLC	Consumer Discretionary	53	CConf A	10	10	15	7	10	3	0	3	0	0	3	2	75%
269	DIC Dubai Investment (P.J.S.C)	Non-Energy Minerals	53	CConf B	10	0	0	3	10	5	0	1	5	3	3	2	58%
270	ENBD Emirates NBD Bank PJSC	Financials	53	CConf C	10	0	0	10	10	3	0	1	0	2	4	0	42%
271	ESG ESG EMIRATES STALLIONS GROUP P.J.S.C	Industrials	53	CConf C	10	0	0	10	10	5	0	1	0	2	0	4	33%
272	JOPH Jordan Phosphate Mines Company PLC	Materials	53	CConf C	10	0	0	3	10	5	2	1	0	3	3	0	50%
273	QOIS Qatar Oman Investment Co.	Financials	53	CConf C	10	0	0	7	5	5	0	1	0	5	0	2	33%
274	2POINTZERO Two Point Zero Group PJSC	Industrials	52	CConf C	15	0	0	3	10	3	0	1	0	2	3	5	42%
275	ABC Arab Banking Corporation B S C	Financials	52	CConf C	5	0	0	10	10	7	0	1	0	2	4	0	42%
276	ADCB Abu Dhabi Commercial Bank	Financials	52	CConf C	15	0	0	3	10	5	2	1	0	0	3	2	42%
277	AGILITY Agility Global PLC	Industrials	52	CConf C	10	0	0	7	10	5	0	1	0	1	3	5	42%
278	AMANAT Amanat Holdings PJSC	Financials	52	CConf B	10	0	0	10	10	3	0	3	0	1	3	2	58%
279	JDFS Jordanian Duty Free Shops	-	52	CConf C	10	0	0	3	5	5	0	1	5	1	4	0	33%
280	MHAR Al Mahhar Holding Company QPSC	Information Technology	52	CConf C	15	0	0	10	10	5	0	1	0	0	0	2	42%
281	PRESIGHT Presight AI Holding PLC	Information Technology	52	CConf B	10	0	0	7	10	10	0	1	0	0	3	2	50%
282	QNNS Qatar Navigation QSC	Industrials	52	CConf B	10	0	0	3	10	5	0	1	5	0	4	4	58%
283	2300 Saudi Paper Manufacturing Co.	Materials	51	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	50%
284	4142 Riyadh Cables Group Co.	Industrials	51	CConf C	10	0	0	7	10	5	0	1	0	1	3	2	33%
285	4263 SAL Saudi Logistics Services Company	Industrials	51	CConf C	10	0	0	7	5	5	0	4	0	0	3	2	33%
286	7020 Etihad Etisalat Co.	Communication Services	51	CConf C	10	0	0	7	10	5	0	1	0	1	3	2	33%
287	BLDN Baladna Q.P.S.C	Materials	51	CConf C	10	0	0	3	5	5	0	1	0	5	0	5	33%
288	BRES Barwa Real Estate Co.	Financials	51	CConf B	15	0	0	3	10	5	0	1	0	0	3	4	50%
289	MKDM Mekdam Holding Group Company	Industrials	51	CConf B	10	0	0	10	10	5	0	1	0	0	0	5	50%
290	WDAM Widam Food Company Q. S. C	Consumer Staples	51	CConf C	10	0	0	3	10	5	0	1	0	5	0	2	50%
291	1120 Al Rajhi Bank	Financials	50	CConf B	10	0	0	3	10	5	0	1	0	3	3	4	50%
292	1201 Takween Advanced Industries Co.	Materials	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
293	2020 SABIC Agri-Nutrients Co.	Materials	50	CConf C	10	0	0	10	5	3	0	1	5	0	0	2	42%
294	4008 Saudi Co. for Hardware	Consumer Discretionary	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
295	4161 BinDawood Holding Company	Consumer Discretionary	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
296	4192 Al-Saif Stores for Development & Investment Co.	Consumer Discretionary	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
297	4321 Arabian Centres Co.	Financials	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
298	6001 Halwani Brothers Company	Consumer Staples	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
299	9571 Munawla Cargo Company	Industrials	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
300	9627 Twareat Medical Care Co.	Health Care	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
301	9635 Dkhoun National Trading Co.	Consumer Discretionary	50	CConf C	10	0	0	10	10	5	0	1	0	1	0	0	42%
302	ADIB Abu Dhabi Islamic Bank-Egypt	Financials	50	CConf B	10	0	0	3	10	7	2	1	0	0	3	5	58%
303	AKHI Al Khaleej Takaful Group	Financials	50	CConf C	10	0	0	10	10	5	0	1	0	2	0	2	33%
304	BOROUGE Borouge PLC	Materials	50	CConf B	10	0	0	3	10	10	0	3	0	0	3	2	58%
305	NMDC NMDC Group PJSC	Industrials	50	CConf B	10	0	0	7	10	3	0	1	5	0	3	2	58%
306	PAPER Shuaiba Industrial Co. (K.S.C)	Materials	50	CConf C	10	0	0	3	10	5	0	3	0	2	3	0	42%
307	RAK RAK Properties PJSC	Real Estate	50	CConf B	10	0	0	7	10	3	2	1	0	1	3	0	58%
308	6015 Americana Restaurants International PLC	Consumer Discretionary	49	DConf C	10	0	0	10	10	5	0	1	0	2	3	2	33%
309	9577 DAR ALMARKABAH For Renting Cars Company	Industrials	49	DConf C	10	0	0	3	10	5	0	1	0	3	0	0	42%
310	9613 Shalfa Facilities Management Co.	Industrials	49	DConf C	10	0	0	3	10	5	0	1	0	3	0	0	42%
311	9614 Purity For Information Technology Co.	Information Technology	49	DConf C	10	0	0	3	10	5	0	1	0	3	0	0	42%
312	9622 Shmoh Almadi Co.	Consumer Discretionary	49	DConf C	10	0	0	3	10	5	0	1	0	3	0	0	42%
313	MODON Modon Holding PSC	Financials	49	DConf B	10	0	0	3	10	5	0	1	5	0	3	2	50%
314	NBB National Bank of Bahrain BSC	Financials	49	DConf C	10	0	0	3	10	3	0	1	0	3	3	0	50%
315	WAHA Waha Capital Company	Financials	49	DConf C	10	0	0	10	10	5	0	1	0	2	3	2	33%
316	1010 Riyad Bank	Financials	48	DConf B	10	0	0	3	10	5	0	1	5	0	3	2	58%
317	1202 Middle East Paper Co.	Materials	48	DConf C	10	0	0	3	10	5	0	1	0	3	0	0	50%
318	2340 ARTEX Industrial Investment Company	Consumer Discretionary	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
319	4009 Middle East Healthcare Company	Health Care	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
320	9549 Abdulaziz and Mansour Ibrahim Albabtin Co.	Consumer Staples	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
321	9564 Horizon Food Company	Consumer Staples	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
322	9591 View United Real Estate Development Company	Financials	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
323	9632 Future Vision for Health Training Co.	Industrials	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
324	9647 Wajd Life Trading Co.	Consumer Staples	48	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	33%
325	ADIB Abu Dhabi Islamic Bank	Financials	48	DConf B	10	0	0	3	10	7	2	1	0	0	3	0	58%
326	GFH GFH Financial Group BSC	Financials	48	DConf B	10	0	0	3	10	3	0	1	5	0	4	0	67%
327	GFH GFH Financial Group BSC	Financials	48	DConf B	10	0	0	3	10	3	0	1	5	0	4	0	67%
328	GFH GFH Financial Group BSC	Financials	48	DConf B	10	0	0	3	10	3	0	1	5	0	4	0	67%
329	IQCD Industries of Qatar Co.	Materials	48	DConf B	10	5	0	10	10	10	0	1	0	0	3	0	58%
330	MCCS Mannai Corporation Q.P.S.C.	Information Technology	48	DConf C	10	0	0	10	10	5	0	1	0	1	0	2	42%
331	MEZA Meeza QSTP LLC	Information Technology	48	DConf C	10	0	0	7	10	5	0	1	0	2	0	4	33%
332	1830 Leejam Sports Co.	Consumer Discretionary	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	42%
333	3007 Zahrat Al Waha For Trading Co.	Materials	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	42%
334	4006 Saudi Marketing Co.	Consumer Discretionary	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	42%
335	4080 Sinad Holding Company	Financials	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	42%
336	4164 Nahdi Medical Company	Consumer Staples	47	DConf C	10	0	0	3	5	5	0	1	5	0	3	2	33%
337	6017 Jahez International Company for Information Systems Technology	Information Technology	47	DConf C	5	0	0	3	10	5	0	1	0	5	0	0	42%
338	9536 Arabian Food & Dairy Factories Co.	Consumer Staples	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	33%
339	9558 Alqemam for Computer Systems Co.	Information Technology	47	DConf C	10	0	0	10	10	5	0	1	0	0	0	0	33%
340	ETISALAT Emirates Telecommunications Group Company PJSC	Communication Services	47	DConf B	10	0	0	7	10	3	2	1	0	1	0	0	58%
341	ORAS Orascom Construction PLC	Industrials	47	DConf C	10	0	0	7	10	5	0	1	0	0	3	0	42%
342	ORAS Orascom Construction Plc	Industrials	47	DConf C	10	0	0	7	10	5	0	1	0	0	3	0	42%
343	2382 Ades Holding Company	Industrials	46	DConf A	10	0	0	10	0	3	0	3	5	1	3	2	67%
344	9637 Axelerated Solutions for Information & Communication Tech	Information Technology	46	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	50%
345	GFH GFH Financial Group B.S.C	Financials	46	DConf A	10	0	0	3	10	3	0	1	5	0	4	2	67%
346	JOPT Jordan Telecom Group (Orange)	Communication Services	46	DConf C	10	0	0	3	10	10	0	1	0	2	3	0	42%
347	TALABAT Talabat Holding Plc	Industrials	46	DConf A	0	0	0	7	10	10	0	1	5	0	3	2	67%
348	1303 Electrical Industries Co.	Industrials	45	DConf C	10	0	0	7	5	5	0	1	0	1	3	4	33%
349	2010 Saudi Basic Industries Corp.	Materials	45	DConf A	10	0	0	3	10	3	0	1	5	0	3	2	67%
350	2100 Wafrah for Industry & Development	Consumer Staples	45	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	42%
351	4004 Dallah Healthcare Co.	Health Care	45	DConf C	10	0	0	7	10	5	0	1	0	0	3	2	33%
352	4141 Al-Omran Industrial & Trading Co.	Industrials	45	DConf C	0	0	0	7	10	5	0	1	0	5	0	0	42%
353	4327 Alramz Real Estate Co.	Financials	45	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	42%
354	8040 Mutakamela Insurance Company	Financials	45	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	42%
355	9574 Professional Medical Expertise Co.	Consumer Staples	45	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	42%
356	9610 First Avenue Real Estate Development Company	Financials	45	DConf C	10	0	0	7	10	5	0	1	0	1	0	0	42%
357	ADNOCDIST Abu Dhabi National Oil Company For Distribution	Consumer Discretionary	45	DConf B	10	0	0	3	10	5	2	1	0	0	3	2	50%
358	BBK Bank of Bahrain and Kuwait B.S.C.	Financials	45	DConf C	5	0	0	7	5	5	0	1	5	0	3	0	33%
359	DOHI Doha Insurance Co.	Financials	45	DConf C	10	0	0	7	10	5	0	1	0	2	0	2	33%
360	THBK The Housing Bank for Trade and Finance	Financials	45	DConf C	10	0	0	3	10	5	0	1	0	2	4	0	42%
361	4190 Jarir Marketing Co.	Consumer Discretionary	44	DConf A	5	0	0	3	10	3	0	3	5	0	4	2	67%
362	6002 Herfy Food Services Co.	Consumer Discretionary	44	DConf C	10	0	0	7	10	5	0	1	0	0	0	0	50%
363	ERES Ezdan Holding Group	Financials	44	DConf C	10	0	0	7	10	5	0	1	0	1	0	2	42%
364	SANAM Sanam Group Holding Co K.S.C.C.	Financials	43	DConf C	10	0	0	3	10	5	0	1	0	2	0	0	42%
365	2282 Naqi Water Company	Consumer Staples	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
366	4018 Almoosa Health Co.	Health Care	42	DConf C	0	0	0	7	10	5	5	1	0	0	0	0	42%
367	4310 Knowledge Economic City	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
368	6004 CATRION Catering Holding Company	Industrials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
369	8190 United Cooperative Assurance Co.	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
370	9518 Leaf Global Environmental Services	Industrials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
371	9521 INMAR Company For Real Estate Development and Investment	Financials	42	DConf C	10	0	0	7	10	5	0	1	0	0	0	0	42%
372	9522 Alhasoob Co.	Consumer Staples	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
373	9541 Academy of Learning Co.	Information Technology	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
374	9542 Arabian Food Industries (Domty)	Consumer Staples	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
375	9568 Mayar Holding Co.	Industrials	42	DConf C	10	0	0	7	10	5	0	1	0	0	0	0	33%
376	9603 Horizon Educational Company	Consumer Discretionary	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
377	9611 United Arab Float Glass Co.	Materials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
378	9612 SAMA Healthy Water Factory company	Consumer Staples	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
379	9628 Lamasat Company Limited	Consumer Discretionary	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
380	9642 Time Entertainment Co.	Consumer Discretionary	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	33%
381	COAST Coast Investment & Development Co. K.S.C.C.	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	2	4	0	33%
382	DUBK Dukhan Bank Q.P.S.C.	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	1	0	5	42%
383	MPHC Mesaieed Petrochemical Holding Company Q.S.C.	Materials	42	DConf C	10	0	0	3	10	5	0	1	0	0	3	4	42%
384	QGRI Qatar General Insurance & Reinsurance Company Q.P.S.C.	Financials	42	DConf C	10	0	0	3	5	5	0	1	0	5	0	2	42%
385	QLMI QLM Life & Medical Insurance Company QPSC	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	2	0	4	33%
386	SHUAA Shuaa Capital (P.S.C)	Financials	42	DConf C	10	0	0	3	10	5	0	1	0	2	0	4	33%
387	1111 Saudi Tadawul Group Holding Company	Financials	41	DConf C	10	0	0	7	10	5	0	1	0	0	0	2	42%
388	2280 Almarai Company	Consumer Staples	41	DConf C	10	0	0	7	10	5	0	1	0	0	0	2	42%
389	7204 Perfect Presentation for Commercial Services Co.	Information Technology	41	DConf C	5	0	0	3	10	5	0	1	0	3	0	0	42%
390	9644 Naf Company for Feed for Industry	Materials	41	DConf C	5	0	0	3	10	5	0	1	0	3	0	0	42%
391	DEWA Dubai Electricity and Water Authority (PJSC)	-	41	DConf C	10	0	0	3	10	5	0	1	0	0	3	0	42%
392	FTI First Takaful Insurance Co. KSCC	Financials	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
393	KCEM Kuwait Cement Company K.P.S.C.	Materials	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
394	MRC Metal & Recycling Co. K.S.C.C.	Consumer Discretionary	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
395	MUNTAZAHAT Kuwait Resorts Company K.P.S.C.	Consumer Discretionary	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
396	NCCI National Consumer Holding Company	Materials	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
397	ORDS Ooredoo Q.P.S.C	Communication Services	41	DConf C	10	0	0	3	10	5	0	1	0	0	3	0	42%
398	OSOUL Osoul Investment Co. (K.S.C.) Closed	Financials	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
399	TROLLEY Trolley General Trading Company K.S.C.C.	-	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
400	UPAC United Projects Company for Aviation Services KSCP	Financials	41	DConf C	10	0	0	3	10	5	0	1	0	2	3	0	33%
401	3008 Al Kathiri Holding Company	Consumer Staples	40	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	50%
402	4323 Sumou Real Estate Co.	Financials	40	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	50%
403	7030 Mobile Telecommunications Company Saudi Arabia	Communication Services	40	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	50%
404	2081 Alkhorayef Water & Power Technologies	Industrials	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
405	4017 Dr. Soliman Abdul Kader Fakeeh Hospital Co.	Health Care	39	DConf C	0	0	0	7	10	5	0	1	0	3	0	0	42%
406	4326 Dar Al Majed Real Estate Co.	Consumer Discretionary	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
407	9510 National Building & Marketing Co.	Consumer Staples	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
408	9543 Saudi Networkers Services Co., Ltd.	Information Technology	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
409	9575 Marble Design Company	Materials	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
410	9601 Mohammed Hadi Al Rasheed and Partners Co.	Materials	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
411	9619 Multi Business Group for Projects Company	Industrials	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
412	9620 Balsm Alofoq Medical Company	Health Care	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
413	9624 Alshehili Company for metal industries	Industrials	39	DConf C	10	0	0	3	10	5	0	1	0	1	0	0	42%
414	ORDS OOREDOO	Communication Services	39	DConf C	10	0	0	3	10	5	0	1	0	0	3	2	42%
415	2082 ACWA Power	Utilities	38	DConf B	5	0	0	3	10	5	0	1	5	0	3	0	58%
416	4001 Abdullah Al Othaim Markets Co.	Consumer Discretionary	38	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	50%
417	TQES Qatar Electronic Systems Co. (Techno Q) QPSC	Consumer Discretionary	38	DConf C	10	0	0	3	10	5	0	1	0	1	0	2	42%
418	1321 East Pipes Integrated Company for Industry	Materials	37	DConf C	10	0	0	7	5	5	0	1	0	1	0	0	33%
419	9636 Al Kuzama Trading Company	Consumer Discretionary	37	DConf C	5	0	0	7	10	5	0	1	0	1	0	0	42%
420	4071 Arabian Contracting Services Co.	Industrials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
421	4072 MBC Group Company	Consumer Discretionary	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
422	4083 United International Holding Co.	Financials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
423	4291 National Co. for Learning & Education	Consumer Discretionary	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
424	6050 Saudi Fisheries Co.	Consumer Staples	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
425	8250 Gulf Insurance Group - GIG	Financials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
426	9523 Group Five Pipe Saudi Ltd.	Materials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
427	9533 Saudi Parts Center Co	Consumer Staples	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
428	9537 Amwaj International Co	Consumer Discretionary	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
429	9552 Saudi Top for Trading Company	Materials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
430	9560 WAJA company	Industrials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
431	9572 Al Razi Medical Company	Consumer Discretionary	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
432	9593 Pan Gulf Marketing Co.	Consumer Staples	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
433	9594 Almodawat Specialized Medical Hospital Company	Health Care	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
434	9615 Mufeed Company	Consumer Discretionary	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
435	9618 Al-Fakhera Men Tailoring Co.	Consumer Staples	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
436	9634 Adeer Real Estate Co.	Information Technology	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
437	9639 Anmat Technology for Trading Co.	Communication Services	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
438	9640 ASAS Makeen Real Estate Development and Investment Company	Financials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	42%
439	9641 Hawyia Auctions Co.	Industrials	36	DConf C	10	0	0	3	10	5	0	1	0	0	0	0	33%
440	SPINNEYS Spinneys 1961 Holding plc	Consumer Discretionary	36	DConf B	5	0	0	7	10	3	0	1	0	0	4	2	50%
441	2223 Saudi Aramco Base Oil Company - Luberef	Energy	35	DConf C	10	0	0	3	5	5	0	1	0	0	3	2	33%
442	4193 Nice One Beauty Digital Marketing Co.	Consumer Discretionary	34	FConf C	0	0	0	3	10	5	0	1	0	5	0	0	42%
443	9581 Clean life company	Industrials	34	FConf C	0	0	0	3	10	5	0	1	0	5	0	0	42%
444	9630 Ratio Specialty Company For Trading	Consumer Discretionary	34	FConf C	0	0	0	3	10	5	0	1	0	5	0	0	42%
445	4264 Flynas Co.	Industrials	32	FConf C	0	0	0	3	10	5	0	1	0	3	0	0	42%
446	9570 Tam Development Company	Information Technology	32	FConf C	0	0	0	3	10	5	0	1	0	3	0	0	42%
447	2380 Rabigh Refining & Petrochemical Co. Class A	Energy	31	FConf C	10	0	0	3	5	5	0	1	0	0	3	2	25%
448	9546 Naba Alsaha Medical Services Co.	Health Care	31	FConf C	5	0	0	3	10	5	0	1	0	1	0	0	42%
449	NIH National International Co. (Holding) (K.S.C.)	Materials	31	FConf C	5	0	0	3	10	5	0	1	0	2	0	2	33%
450	NIH National International Co. (Holding) (K.S.C.)	Materials	31	FConf C	5	0	0	3	10	5	0	1	0	2	0	2	33%
451	7202 Arabian Internet and Communications Services Company	Information Technology	30	FConf C	10	0	0	3	5	5	0	1	0	0	0	4	25%
452	1320 Saudi Steel Pipe Co.	Materials	29	FConf C	10	0	0	3	5	5	0	1	0	1	0	0	33%
453	9550 Sure Global Technology Company	Information Technology	29	FConf C	10	0	0	3	5	5	0	1	0	1	0	0	33%
454	BHMCAPITAL BHM Capital Financial Services P.S.C	Financials	29	FConf C	0	0	0	3	10	5	0	1	0	2	0	2	33%
455	EMAARDEV Emaar Development PJSC	Financials	29	FConf C	0	0	0	3	5	5	0	1	0	5	3	2	33%
456	2270 Saudia Dairy & Foodstuff Co.	Consumer Staples	26	FConf C	10	0	0	3	5	5	0	1	0	0	0	0	33%
457	4230 Red Sea International Co.	Industrials	26	FConf C	10	0	0	3	5	5	0	1	0	0	0	0	33%
458	8280 LIVA Insurance Company	Financials	26	FConf C	10	0	0	3	5	5	0	1	0	0	0	0	33%
459	9548 Arabian Plastic Industrial Co.	Industrials	26	FConf C	0	0	0	3	10	5	0	1	0	1	0	0	33%
460	NCC National Cement Company PSC	Non-Energy Minerals	26	FConf C	0	0	0	3	10	5	0	1	0	2	0	2	42%
461	9544 Future Care Trading Co.	Health Care	23	FConf C	0	0	0	3	10	5	0	1	0	1	0	0	42%
462	9565 Meyar Company	Industrials	23	FConf C	0	0	0	3	10	5	0	1	0	1	0	0	42%
463	9597 Leaf Global Environmental Services Company	Industrials	23	FConf C	0	0	0	3	10	5	0	1	0	1	0	0	42%
464	QIC Umm Al-Qaiwain General Investments Co PSC	Financials	23	FConf C	0	0	0	3	10	5	0	1	0	2	0	2	33%
465	UPP Union Properties (P.J.S.C)	Financials	23	FConf C	0	0	0	3	10	5	0	1	0	2	0	2	33%
466	9589 Fad International Company	Consumer Staples	20	FConf C	0	0	0	3	10	5	0	1	0	0	0	0	42%
467	9606 Altharwah Albashariyyah Co.	Industrials	20	FConf C	0	0	0	3	10	5	0	1	0	0	0	0	42%
468	4163 Al Dawaa Medical Services Co.	Consumer Staples	9	FConf C	0	0	0	3	5	5	0	1	0	1	0	0	33%
469	6019 Al Masar Al Shamil Education Co.	Financials	9	FConf C	0	0	0	3	5	5	0	1	0	1	0	0	33%
470	8240 Chubb Arabia Cooperative Insurance Company	Financials	9	FConf C	0	0	0	3	5	5	0	1	0	1	0	0	33%
471	2281 Tanmiah Food Company	Consumer Staples	6	FConf C	0	0	0	3	5	5	0	1	0	0	0	0	33%
472	4162 Almunajem Foods Company	Consumer Staples	6	FConf C	0	0	0	3	5	5	0	1	0	0	0	0	33%
473	9645 National Signage Industria Co.	Industrials	6	FConf C	0	0	0	3	5	5	0	1	0	0	0	0	33%

Sector Comparison

Consumer Services

n=2

Utilities

n=12

Real Estate

n=3

Energy

n=9

Financials

n=154

Materials

n=55

Communication Services

n=15

Industrials

n=75

Health Care

n=23

Consumer Discretionary

n=52

Unknown

n=5

Information Technology

n=21

Consumer Staples

n=45

Non-Energy Minerals

n=2

Methodology

Each company is scored across 8 governance dimensions using publicly available board data. Scores are computed live — they update automatically as new data is ingested, with no manual intervention. Our framework is aligned with jurisdiction-specific GCC governance codes and international best practices.

Board Independence

Proportion of independent directors — all GCC codes require minimum one-third (CMA/SCA/QFMA)

Committee Coverage

Presence of audit, remuneration, and nomination committees (required by CMA Art. 54-56)

Meeting Attendance

Average board meeting attendance rate — reflects director engagement

Board Size

Optimal range: 7-12 members (GCC code guidance, IFC best practice)

CEO/Chair Separation

Whether the CEO and board chair are different people (CMA Art. 24, SCA Art. 14)

Auditor Independence

Non-audit fee ratio — lower ratio = more independent external auditor (CMA Art. 81)

Board Gender Diversity

Female representation on board — aligned with G20/OECD Principles Ch. VI and MEIRA guidance

Credential Density

Professional qualifications per board member (GCC BDI certification, CFA, CPA, etc.)

Pay Transparency

Level of executive compensation disclosure (CMA Art. 93, SCA Art. 27)

Ownership Diversification

Lower ownership concentration (HHI) = better minority protection (IFC methodology)

RPT Disclosure

Related-party transaction disclosure quality + AGM approval markers (CMA Art. 71-72)

Disclosure Timeliness

Annual filing speed vs CMA windows: ≤30d=5pts, ≤45d=4pts, ≤90d=2pts (CMA Art. 89)

A: 80+ (Strong)B: 65-79 (Good)C: 50-64 (Moderate)D: 35-49 (Weak)F: <35 (Poor)

Regulatory Framework

Our governance scoring model incorporates requirements from each GCC jurisdiction's corporate governance code, supplemented by international frameworks. Thresholds are calibrated per-exchange — for example, all GCC codes require at least one-third independent directors, compared to majority independence in OECD markets.

GCC National Governance Codes

TDWL

Saudi CMA Corporate Governance Regulations

Capital Market Authority (CMA)

21 articles covering board composition, committees, disclosure, conflicts of interest

DFM/ADX

SCA Governance Guide (Decision No. 3/2020)

Securities & Commodities Authority (SCA)

Board structure, subsidiary governance, shareholder rights, CSR

QSE

QFMA Governance Code for Listed Companies

Qatar Financial Markets Authority (QFMA)

10 governance topics aligned with IOSCO/OECD/ICGN standards

Kuwait CMA Executive Bylaws — Module 15

Capital Markets Authority (CMA)

Max 3-year board terms, 5-company board seat limit, CSR disclosure

BHB

Corporate Governance Code (Decree No. 91/2022)

Ministry of Industry & Commerce / CBB

11 governance principles, comply-or-explain, governance committees

MSX

Code of Corporate Governance (CMA Circular E/4/2015)

Financial Services Authority (FSA)

14 mandatory principles aligned with GCC unified governance standards

ASE

JSC Corporate Governance Instructions

Jordan Securities Commission (JSC)

Board independence, audit committees, related party oversight

International Frameworks

G20/OECD Principles of Corporate Governance (2023)

Global benchmark — shareholder rights, disclosure, board responsibilities, sustainability

IFC Corporate Governance Methodology

Emerging markets scorecard — board effectiveness, shareholder rights, disclosure quality

AAOIFI Governance Standards (GSIFI series)

Islamic finance governance — Shariah board composition, audit, and compliance standards

ISS / Glass Lewis Overboarding Standards

Recommend AGAINST directors exceeding 5 public board seats (non-executive)

Hawkamah Institute for Corporate Governance

MENA regional governance institute (OECD/IFC/World Bank co-founded)

GCC Board Directors Institute (GCC BDI)

Pan-GCC director certification — 8-dimension Board Effectiveness Framework (McKinsey). 40% of GCC boards have zero female directors (2025 survey)

MEIRA (Middle East Investor Relations Association)

IR best practice across 10 GCC/MENA chapters. IR Awards ESG criteria reference board governance oversight

GCC Exchanges Committee Unified ESG Metrics (2023)

29 unified metrics (9 governance) endorsed by all 7 GCC exchanges, aligned with WFE/SSE Initiative

Frequently Asked Questions

▶How is the Governance Risk Score calculated?

The score is a composite of 8 weighted factors: Board Independence (20 pts), Committee Coverage (15 pts), Board Attendance (15 pts), Board Size (10 pts), CEO/Chair Separation (10 pts), Auditor Independence (10 pts), Credential Density (10 pts), and Pay Transparency (10 pts). Maximum score is 100.

▶Which governance codes do you follow?

We align with each exchange's national governance code — Saudi CMA Regulations for TDWL, UAE SCA Governance Guide for DFM/ADX, QFMA Code for QSE, and equivalent codes for BK, BHB, MSX, and ASE. All GCC codes require at least one-third independent directors. We also reference G20/OECD Principles and IFC standards as international baselines.

▶Why do some companies score 0 or show no score?

A score requires minimum board data — at least one director appointment with role information. Companies with only executive data (CEO/CFO) and no board-level appointments cannot be scored. Coverage varies by exchange: QSE and BK have the highest data density; BIST and ISX are not yet covered.

▶How often are scores updated?

Scores are computed live from the latest data. When new director appointments, committee memberships, attendance records, or auditor fee disclosures are ingested, scores update automatically within minutes.

▶How do you handle Islamic finance governance?

Shariah governance is assessed separately via our AAOIFI Standard No. 21 screening engine. Shariah board composition, independence, and advisory quality are tracked on dedicated pages. The GRS focuses on corporate board governance, which applies equally to conventional and Islamic companies.

▶Why is one-third independence the threshold instead of majority?

All GCC national governance codes set the minimum at one-third independent directors, reflecting the region's concentrated ownership structures (government, sovereign wealth funds, ruling families). This is lower than the OECD/US norm of majority independence. Our scoring awards maximum points for full independence but calibrates thresholds to GCC regulatory expectations.

▶Does the score account for ruling family or government directors?

The current 8-factor GRS treats all directors equally based on their declared independence status. Our separate PEP Screening tool identifies politically exposed persons (ruling family members, SWF representatives, government appointees) and our Governance Scorecard provides a more nuanced view of effective independence.

▶Is this a recommendation to buy or sell?

No. SouqData provides data analytics and governance assessment, not investment advice. Governance scores reflect observable board characteristics — they are one input among many for investment decisions. Always consult a licensed financial adviser.

Related Insights

Saudi Governance Top 50

The 50 best-governed Tadawul companies, ranked by recalibrated composite score with data-confidence tiers.

CGX Compliance

Compliance scoring against GCC corporate governance codes.

Committee Independence

Board committee composition and independence analysis.

Attendance & Engagement

Board meeting attendance rates and director engagement.

Our model generates scores and ratings using fully disclosed methodologies based on available data. These are quantitative analytical tools — not recommendations. They may not capture all relevant factors, and past performance is not indicative of future results. Users should review the methodology, assess the inputs, and exercise independent judgement.

Data sources · Full disclaimer · Data freshness

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