·Source: SouqData proprietary analysis
What this page covers
Trace ownership chains through nominees, custodians, and holding companies to identify the true beneficial owners of GCC-listed companies.
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.
Ultimate Beneficial Ownership Analysis
Trace ownership chains through nominees, custodians, and holding companies to identify the true beneficial owners of GCC-listed companies. Cross-references top-20 shareholders with fund managers, merchant families, conglomerate groups, and ruling family board connections.
Companies Analyzed
100
with shareholder data
Beneficial Owners
234
identified across all companies
Avg Transparency
88/100
higher is more transparent
>30% Nominee
0
companies with high nominee ownership
Risk Score Distribution
Company Rankings
| Company | Transparency | Risk Score |
|---|---|---|
ADNOCGAS ADNOC Gas plc | Transparent | 25 |
ADNOCDRILL ADNOC Drilling Company PJSC | Transparent | 25 |
ALPHADHABI Alpha Dhabi Holding PJSC | Transparent | 25 |
MODON Modon Holding PSC | Transparent | 25 |
ADNOCDIST Abu Dhabi National Oil Company For Distribution | Transparent | 25 |
ADNOCLS ADNOC Logistics & Services plc | Transparent | 25 |
FERTIGLB Fertiglobe plc | Transparent | 25 |
NMDC NMDC Group PJSC | Transparent | 25 |
2222 Saudi Arabian Oil Co. | Transparent | 25 |
2010 Saudi Basic Industries Corp. | Transparent | 25 |
VAKBN Turkiye Vakiflar Bankasi Turk Anonim Ortakligi | Transparent | 25 |
4083 United International Holding Co. | Transparent | 24 |
BOROUGE Borouge PLC | Transparent | 23 |
4018 Almoosa Health Co. | Transparent | 23 |
SPINNEYS Spinneys 1961 Holding plc | Transparent | 22 |
9558 Alqemam for Computer Systems Co. | Transparent | 22 |
EAND Emirates Telecom. Group Company (Etisalat Group) PJSC | Transparent | 21 |
EMPOWER Emirates Central Cooling Systems Corporation PJSC | Transparent | 21 |
7010 Saudi Telecom Co. | Transparent | 21 |
ISBTR Turkiye Is Bankasi Anonim Sirketi Class B | Transparent | 21 |
LULU Lulu Retail Holdings PLC | Transparent | 20 |
QNBTR QNB Bank AS | Transparent | 20 |
ISCTR Turkiye Is Bankasi Anonim Sirketi Class C | Transparent | 20 |
ALDAR Al Dar Properties | Transparent | 18 |
ORDS Ooredoo Q.P.S.C | Transparent | 18 |
AKBNK Akbank T.A.S. | Transparent | 18 |
4031 Saudi Ground Services Co. | Transparent | 18 |
TAQA Abu Dhabi National Energy Company | Transparent | 17 |
8040 Mutakamela Insurance Company | Transparent | 17 |
AIRARABIA Air Arabia PJSC | Transparent | 17 |
AGILITY Agility Global PLC | Transparent | 17 |
TUPRS Turkiye Petrol Rafinerileri A.S. | Transparent | 17 |
ISKUR Turkiye Is Bankasi Anonim Sirketi | Transparent | 17 |
3007 Zahrat Al Waha For Trading Co. | Transparent | 17 |
TTKOM Turk Telekomunikasyon A.S. | Transparent | 17 |
THYAO Turk Hava Yollari A.O. | Transparent | 16 |
FROTO Ford Otomotiv Sanayi A.S. | Transparent | 16 |
ENKAI Enka Insaat ve Sanayi A.S. | Transparent | 15 |
GARAN Turkiye Garanti Bankasi Anonim Sirketi | Transparent | 15 |
ASELS Aselsan Elektronik Sanayi ve Ticaret A.S. Class B | Transparent | 14 |
2082 ACWA Power | Transparent | 14 |
4240 AFG International Company | Transparent | 14 |
RAKBANK The National Bank of Ras Al Khaimah | Transparent | 13 |
KCHOL Koc Holding A.S. | Transparent | 13 |
9603 Horizon Educational Company | Transparent | 13 |
ABQK AHLI BANK Q.P.S.C. | Transparent | 13 |
4016 Middle East Pharmaceutical Industries Company | Transparent | 13 |
EREGL Eregli Demir Ve Celik Fabrikalari T.A.S. | Transparent | 13 |
BIMAS BIM Birlesik Magazalar A.S. | Transparent | 12 |
ADCB Abu Dhabi Commercial Bank | Transparent | 10 |
ADIB Abu Dhabi Islamic Bank | Transparent | 10 |
AMANAT Amanat Holdings PJSC | Transparent | 10 |
IHC International Holding Company PJSC | Transparent | 9 |
EMIRATESNBD Emirates NBD Bank (P.J.S.C) | Transparent | 9 |
DU Emirates Integrated Telecommunications Company PJSC | Transparent | 9 |
MASQ Mashreqbank PSC | Transparent | 9 |
9546 Naba Alsaha Medical Services Co. | Transparent | 9 |
DIC Dubai Investment (P.J.S.C) | Transparent | 9 |
DFM Dubai Financial Market (DFM) - PJSC | Transparent | 9 |
GFH GFH Financial Group B.S.C | Transparent | 9 |
MKHZN Agility Public Warehousing Co. K.S.C. | Transparent | 9 |
1120 Al Rajhi Bank | Transparent | 9 |
1180 Saudi National Bank | Transparent | 9 |
4001 Abdullah Al Othaim Markets Co. | Transparent | 9 |
2283 First Milling Co. | Transparent | 9 |
6004 CATRION Catering Holding Company | Transparent | 9 |
4310 Knowledge Economic City | Transparent | 8 |
ADPORTS Abu Dhabi Ports Company PJSC | Transparent | 8 |
2300 Saudi Paper Manufacturing Co. | Transparent | 8 |
EMAAR Emaar Properties (P.J.S.C) | Transparent | 7 |
DIB Dubai Islamic Bank PJSC | Transparent | 7 |
TALABAT Talabat Holding Plc | Transparent | 7 |
TECOM TECOM Group PJSC | Transparent | 7 |
DEYAAR Deyaar Development (P.J.S.C) | Transparent | 7 |
ARMX Aramex PJSC | Transparent | 7 |
FAB First Abu Dhabi Bank | Transparent | 6 |
1833 Almawarid Manpower Company | Transparent | 6 |
9590 Armah Sports Company | Transparent | 6 |
TABREED National Central Cooling Co. (P.S.C.) (Tabreed) | Transparent | 6 |
8300 Wataniya Insurance Co. | Transparent | 6 |
EMAARDEV Emaar Development PJSC | Transparent | 5 |
4146 Gas Arabian Services Co | Transparent | 5 |
SIB Sharjah Islamic Bank | Transparent | 5 |
4084 Derayah Financial Company | Transparent | 5 |
AMLAK Amlak Finance PJSC | Transparent | 3 |
8030 Mediterranean & Gulf Cooperative Insurance & Reinsurance Co. | Transparent | 2 |
3080 Eastern Province Cement Co. | Transparent | 2 |
SALIK Salik Company PJSC | Transparent | 2 |
DTC Dubai Taxi Co. PJSC | Transparent | 2 |
4261 Theeb Rent a Car Company | Transparent | 2 |
CBD Commercial Bank of Dubai(PSC) | Transparent | 1 |
AJMANBANK Ajman Bank PJSC | Transparent | 1 |
1321 East Pipes Integrated Company for Industry | Transparent | 1 |
1301 United Wire Factories Co. | Transparent | 0 |
2060 National Industrialization Co. | Transparent | 0 |
4051 Baazeem Trading Co. | Transparent | 0 |
7040 Etihad Atheeb Telecommunication Co. | Transparent | 0 |
1810 Seera Holding Group | Transparent | 0 |
3091 Al Jouf Cement Co. | Transparent | 0 |
1304 Al Yamamah Steel Industries Co. | Transparent | 0 |
Highest Risk CompaniesTop 20 by risk score
| Company | Risk Score | Transparency | Risk Flags |
|---|---|---|---|
ADNOCGAS ADNOC Gas plc | 25 | Transparent |
|
ADNOCDRILL ADNOC Drilling Company PJSC | 25 | Transparent |
|
ALPHADHABI Alpha Dhabi Holding PJSC | 25 | Transparent |
|
MODON Modon Holding PSC | 25 | Transparent |
|
ADNOCDIST Abu Dhabi National Oil Company For Distribution | 25 | Transparent |
|
ADNOCLS ADNOC Logistics & Services plc | 25 | Transparent |
|
FERTIGLB Fertiglobe plc | 25 | Transparent |
|
NMDC NMDC Group PJSC | 25 | Transparent |
|
2222 Saudi Arabian Oil Co. | 25 | Transparent |
|
2010 Saudi Basic Industries Corp. | 25 | Transparent |
|
VAKBN Turkiye Vakiflar Bankasi Turk Anonim Ortakligi | 25 | Transparent |
|
4083 United International Holding Co. | 24 | Transparent |
|
BOROUGE Borouge PLC | 23 | Transparent |
|
4018 Almoosa Health Co. | 23 | Transparent |
|
SPINNEYS Spinneys 1961 Holding plc | 22 | Transparent |
|
9558 Alqemam for Computer Systems Co. | 22 | Transparent |
|
EAND Emirates Telecom. Group Company (Etisalat Group) PJSC | 21 | Transparent |
|
EMPOWER Emirates Central Cooling Systems Corporation PJSC | 21 | Transparent |
|
7010 Saudi Telecom Co. | 21 | Transparent |
|
ISBTR Turkiye Is Bankasi Anonim Sirketi Class B | 21 | Transparent |
|
Methodology
The UBO engine traces ownership chains through nominees, custodians, and holding companies to identify the true beneficial owners of GCC-listed companies. The process involves several stages:
1. Nominee Detection
Shareholders are classified as nominees using regex patterns against holder names, matching custodian banks (HSBC Custody, Citibank N.A., Clearstream, etc.), depositories, and clearing houses. Nominee shareholders obscure the true beneficial owner and increase the company's opacity score.
2. Chain Unwinding
Where possible, nominee holders are traced to their underlying fund managers or sovereign wealth funds through custodian-to-fund mappings. Conglomerate group membership is cross-referenced with merchant family databases to identify family-controlled holding structures.
3. Risk Scoring
Each company receives a composite risk score (0-100) based on four weighted factors:
- Nominee opacity (40%): Percentage of shares held through nominees
- Unresolved chains (25%): Nominee holdings that could not be traced to a beneficial owner
- Concentration risk (20%): Single-holder dominance above 20%
- Governance flags (15%): Government/SWF majority ownership without transparency
4. Transparency Rating
Companies are rated Transparent (score 0-30), Partially Transparent (31-60), or Opaque (61-100) based on their composite risk score.
5. Confidence Levels
Each identified beneficial owner is assigned a confidence level: High (direct match from declarations or fund manager databases), Medium (inferred from custodian mappings or conglomerate cross-references), or Low (unclassified holders).
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.
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