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.

Which Saudi-listed company has the best corporate governance?

Advanced Petrochemical Co. (2330) leads the SouqData Saudi Governance Top 50 with a composite score of 86/100 and a data-confidence tier of C. The score is computed across 10 governance dimensions aligned with the Saudi Capital Market Authority (CMA) Corporate Governance Regulations, AAOIFI Standard 1, IFC, OECD G20 Principles, and the GCC BDI Pearl Initiative.

What does the data-confidence tier mean?

Tier A means 8–10 of 10 dimensions had source data; tier B means 6–7; tier C means 4–5. Companies with fewer than 4 dimensions are tagged "Insufficient" and excluded from leaderboards. The tier badge appears next to the grade so investors can weight the score by data depth.

Which standards is the Saudi governance score aligned with?

Saudi CMA Corporate Governance Regulations (Articles 16, 50, 89), UAE SCA, Qatar QFMA, Bahrain CBB, AAOIFI Standard 1 (for Islamic financial institutions), IFC, OECD G20 Principles of Corporate Governance, and the GCC BDI Pearl Initiative.

What this page covers

The 50 best-governed Saudi-listed companies by composite score, ranked using a 10-dimension model aligned with CMA, AAOIFI, IFC, and OECD standards. Data confidence tier and peer-relative percentile shown for every company.

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.

Saudi Governance Top 50

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

The 50 best-governed Tadawul-listed companies by composite governance score, ranked using a 10-dimension model aligned with the Saudi CMA Corporate Governance Regulations, AAOIFI Standard 1, IFC, and OECD G20 Principles. Companies with fewer than 4 of 10 dimensions parsed are excluded rather than penalized — credible scoring only.

Companies Ranked

credible (tier ≥ C)

Top Score

86/100

2330

Top 50 Avg

69/100

composite

Tier-A Companies

8–10 of 10 dimensions parsed

Top 50 ranked by composite score

#	Company	Sector	Score M=mandatory G=guiding	Grade	Independence	Confidence	Peer position
1	2330 Advanced Petrochemical Co.	Materials	86 M100 · G53	A	100% / 100% indep / non-exec	C 5/12 dims	—
2	4100 Makkah Construction & Development Co.	Financials	80 M71 · G100	A	0% / 89% indep / non-exec	C 5/12 dims	—
3	1020 Bank Aljazira	Financials	79 M70 · G100	B	0% / 100% indep / non-exec	C 6/12 dims	—
4	2310 Sahara International Petrochemical Company	Materials	79 M70 · G100	B	0% / 100% indep / non-exec	C 6/12 dims	—
5	8313 Rasan Information Technology Co.	Information Technology	78 M68 · G100	B	0% / 100% indep / non-exec	C 6/12 dims	—
6	4194 Marketing Home Group for Trading Co.	Consumer Discretionary	75 M68 · G90	B	0% / 80% indep / non-exec	C 5/12 dims	—
7	4007 Al Hammadi Holding	Health Care	74 M75 · G70	B	0% / 89% indep / non-exec	C 5/12 dims	—
8	1831 Maharah Human Resources Co.	Industrials	71 M75 · G60	B	0% / 100% indep / non-exec	C 5/12 dims	—
9	3003 City Cement Co.	Materials	71 M75 · G60	B	0% / 100% indep / non-exec	C 5/12 dims	—
10	9525 Al Samaani Factory	Industrials	71 M75 · G60	B	0% / 100% indep / non-exec	C 5/12 dims	—
11	4030 National Shipping Co. of Saudi Arabia	Industrials	70 M80 · G45	B	55% / 100% indep / non-exec	B 9/12 dims	Top decile within GCC peers
12	9595 WSM for Information Technology Co.	Information Technology	70 M57 · G100	B	0% / 100% indep / non-exec	C 5/12 dims	—
13	4084 Derayah Financial Company	Financials	69 M82 · G40	B	33% / 100% indep / non-exec	C 7/12 dims	—
14	4200 Aldrees Petroleum & Transport Services Co.	Consumer Staples	69 M70 · G67	B	14% / 100% indep / non-exec	B 8/12 dims	Top decile within GCC peers
15	4325 Umm Al Qura for Development and Construction Company	Financials	69 M56 · G100	B	0% / 100% indep / non-exec	C 5/12 dims	—
16	9557 Edarat Communication and Information Technology Co.	Information Technology	69 M68 · G70	B	0% / 100% indep / non-exec	C 5/12 dims	—
17	1030 Saudi Investment Bank	Financials	68 M71 · G60	B	0% / 100% indep / non-exec	C 6/12 dims	—
18	1210 Basic Chemical Industries Co.	Materials	68 M75 · G50	B	14% / 86% indep / non-exec	C 5/12 dims	—
19	1322 Al Masane Al Kobra Mining Co.	Materials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
20	2030 Saudi Arabia Refineries Co.	Financials	68 M75 · G50	B	10% / 90% indep / non-exec	C 5/12 dims	—
21	2090 National Gypsum Co.	Materials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
22	2180 Filing & Packing Materials Manufacturing Co.	Materials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
23	2230 Saudi Chemical Co.	Materials	68 M75 · G50	B	0% / 88% indep / non-exec	C 5/12 dims	—
24	2360 Saudi Vitrified Clay Pipes Co.	Industrials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
25	2370 Middle East Specialized Cables Co.	Industrials	68 M75 · G50	B	11% / 89% indep / non-exec	C 5/12 dims	—
26	3020 Yamamah Saudi Cement Co.	Materials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
27	4050 Saudi Automotive Services Co.	Consumer Discretionary	68 M75 · G50	B	0% / 86% indep / non-exec	C 5/12 dims	—
28	4130 Saudi Darb Investment Co.	Financials	68 M75 · G50	B	0% / 86% indep / non-exec	C 5/12 dims	—
29	4140 Saudi Industrial Export Co.	Consumer Staples	68 M75 · G50	B	0% / 92% indep / non-exec	C 5/12 dims	—
30	4148 Alwasail Industrial Company	Industrials	68 M75 · G50	B	0% / 86% indep / non-exec	C 5/12 dims	—
31	4180 Fitaihi Holding Group	Consumer Staples	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
32	4191 Abdullah Saad Mohammed Abo Moati for Bookstores Co.	Consumer Discretionary	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
33	4290 Al Khaleej Training & Education Co.	Consumer Discretionary	68 M75 · G53	B	0% / 86% indep / non-exec	C 6/12 dims	—
34	6020 Al Gassim Investment Holding Co.	Materials	68 M75 · G50	B	0% / 88% indep / non-exec	C 5/12 dims	—
35	6090 Jazan Development and Investment Company	Materials	68 M75 · G50	B	13% / 88% indep / non-exec	C 5/12 dims	—
36	8010 Company for Cooperative Insurance	Financials	68 M54 · G100	B	0% / 100% indep / non-exec	C 6/12 dims	—
37	9515 Fesh Fash Snack Food Production Co.	Consumer Staples	68 M75 · G50	B	9% / 100% indep / non-exec	C 5/12 dims	—
38	9535 Ladun Investment Company	Financials	68 M75 · G50	B	0% / 75% indep / non-exec	C 5/12 dims	—
39	9539 Aqaseem Factory for Chemicals and Plastics Co.	Materials	68 M75 · G50	B	0% / 100% indep / non-exec	C 5/12 dims	—
40	1140 Bank Albilad	Financials	67 M70 · G60	B	0% / 100% indep / non-exec	B 9/12 dims	Top decile within GCC peers
41	1214 Al Hassan Ghazi Ibrahim Shaker Co.	Consumer Staples	66 M68 · G60	B	0% / 100% indep / non-exec	C 5/12 dims	—
42	8030 Mediterranean & Gulf Cooperative Insurance & Reinsurance Co.	Financials	66 M68 · G60	B	0% / 100% indep / non-exec	C 5/12 dims	—
43	1183 SHL Finance Co.	Financials	65 M75 · G40	B	22% / 100% indep / non-exec	C 6/12 dims	—
44	2080 National Gas & Industrialization Co.	Utilities	65 M75 · G40	B	0% / 100% indep / non-exec	C 6/12 dims	—
45	2190 Sustained Infrastructure Holding Company	Industrials	65 M75 · G40	B	0% / 88% indep / non-exec	C 6/12 dims	—
46	3060 Yanbu Cement Co.	Materials	65 M75 · G40	B	14% / 71% indep / non-exec	C 6/12 dims	—
47	4250 Jabal Omar Development Co.	Consumer Discretionary	65 M64 · G67	B	0% / 80% indep / non-exec	B 8/12 dims	Top quartile within GCC peers
48	5110 Saudi Energy Co.	Utilities	65 M70 · G53	B	38% / 100% indep / non-exec	B 8/12 dims	Top quartile within GCC peers
49	4015 Jamjoom Pharmaceuticals Factory Co.	Health Care	64 M74 · G40	C	20% / 100% indep / non-exec	B 9/12 dims	Top quartile within GCC peers
50	1182 Amlak International for Real Estate Finance Company	Financials	63 M68 · G50	C	0% / 100% indep / non-exec	C 5/12 dims	—

Watch list

The five lowest-scoring Tadawul companies that do meet the data-confidence threshold (i.e. the score reflects real disclosure, not gaps). These are the companies where structural governance issues are most defensible to flag.

Company	Score	Grade	Confidence
9645 National Signage Industria Co.	6	F	C
4162 Almunajem Foods Company	6	F	C
2281 Tanmiah Food Company	6	F	C
8240 Chubb Arabia Cooperative Insurance Company	9	F	C
6019 Al Masar Al Shamil Education Co.	9	F	C

Methodology

Each company is scored across 10 dimensions: board independence (20pts), board size (10), CEO/Chair separation (10), meeting attendance (15), auditor independence (10), credentials (5), committee coverage (15), pay transparency (5), gender diversity (5), and ownership concentration (5).

The composite is re-normalized to populated dimensions only — a company scored on 8 of 10 dimensions is presented as a fraction of those 8, not penalized for the 2 we haven't parsed. Companies with fewer than 4 dimensions of data are tagged "Insufficient" and excluded from this ranking; 133 Tadawul-listed companies sit in that bucket today.

Peer-relative percentile is computed within the credible Tadawul peer set. Full design at Governance Risk Score.

Standards alignment

Scoring is anchored to the regulations and codes that govern Tadawul-listed companies and the international standards GCC institutional investors expect:

CMA — Saudi Capital Market Authority Corporate Governance Regulations, especially Art. 16 (independence), Art. 50 (audit committee), Art. 89 (disclosure)
SCA, QFMA, CBB — UAE / Qatar / Bahrain regulators (cross-reference)
AAOIFI Standard 1 — Shariah supervisory board requirements for Islamic FIs (scored in Phase 3)
IFC Family Business Governance Handbook — relevant for GCC merchant-family-controlled boards
OECD G20 Principles of Corporate Governance
GCC BDI Pearl Initiative — regional governance standards body

SouqData provides data for informational purposes only. This does not constitute financial advice, a personal recommendation, or an offer to buy or sell any security. Information may contain errors or be outdated. Always verify data independently and consult a licensed financial adviser before making investment decisions.

Data sources · Full disclaimer · Data freshness

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What this page covers

Saudi Governance Top 50

Top 50 ranked by composite score

Watch list

Methodology

Standards alignment

Related Insights

Governance Risk Score

CGX Compliance

Committee Independence

Attendance & Engagement

Unlock the full SouqData platform