·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

0-20 (Low)
80
80%
21-40
20
20%
41-60
0%
61-80
0%
81-100 (High)
0%

Company Rankings

CompanyTransparencyRisk Score
ADNOC Gas plc logo
ADNOCGAS

ADNOC Gas plc

ADNOC Gas plc
Transparent25
ADNOC Drilling Company PJSC logo
ADNOCDRILL

ADNOC Drilling Company PJSC

ADNOC Drilling Company PJSC
Transparent25
Alpha Dhabi Holding PJSC logo
ALPHADHABI

Alpha Dhabi Holding PJSC

Alpha Dhabi Holding PJSC
Transparent25
Modon Holding PSC logo
MODON

Modon Holding PSC

Modon Holding PSC
Transparent25
Abu Dhabi National Oil Company For Distribution logo
ADNOCDIST

Abu Dhabi National Oil Company For Distribution

Abu Dhabi National Oil Company For Distribution
Transparent25
ADNOC Logistics & Services plc logo
ADNOCLS

ADNOC Logistics & Services plc

ADNOC Logistics & Services plc
Transparent25
Fertiglobe plc logo
FERTIGLB

Fertiglobe plc

Fertiglobe plc
Transparent25
NMDC Group PJSC logo
NMDC

NMDC Group PJSC

NMDC Group PJSC
Transparent25
Saudi Arabian Oil Co. logo
2222

Saudi Arabian Oil Co.

Saudi Arabian Oil Co.
Transparent25
Saudi Basic Industries Corp. logo
2010

Saudi Basic Industries Corp.

Saudi Basic Industries Corp.
Transparent25
Turkiye Vakiflar Bankasi Turk Anonim Ortakligi logo
VAKBN

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi
Transparent25
United International Holding Co. logo
4083

United International Holding Co.

United International Holding Co.
Transparent24
Borouge PLC logo
BOROUGE

Borouge PLC

Borouge PLC
Transparent23
Almoosa Health Co. logo
4018

Almoosa Health Co.

Almoosa Health Co.
Transparent23
Spinneys 1961 Holding plc logo
SPINNEYS

Spinneys 1961 Holding plc

Spinneys 1961 Holding plc
Transparent22
Alqemam for Computer Systems Co. logo
9558

Alqemam for Computer Systems Co.

Alqemam for Computer Systems Co.
Transparent22
Emirates Telecom. Group Company (Etisalat Group) PJSC logo
EAND

Emirates Telecom. Group Company (Etisalat Group) PJSC

Emirates Telecom. Group Company (Etisalat Group) PJSC
Transparent21
Emirates Central Cooling Systems Corporation PJSC logo
EMPOWER

Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation PJSC
Transparent21
Saudi Telecom Co. logo
7010

Saudi Telecom Co.

Saudi Telecom Co.
Transparent21
Turkiye Is Bankasi Anonim Sirketi Class B logo
ISBTR

Turkiye Is Bankasi Anonim Sirketi Class B

Turkiye Is Bankasi Anonim Sirketi Class B
Transparent21
Lulu Retail Holdings PLC logo
LULU

Lulu Retail Holdings PLC

Lulu Retail Holdings PLC
Transparent20
QNB Bank AS logo
QNBTR

QNB Bank AS

QNB Bank AS
Transparent20
Turkiye Is Bankasi Anonim Sirketi Class C logo
ISCTR

Turkiye Is Bankasi Anonim Sirketi Class C

Turkiye Is Bankasi Anonim Sirketi Class C
Transparent20
Al Dar Properties logo
ALDAR

Al Dar Properties

Al Dar Properties
Transparent18
Ooredoo Q.P.S.C logo
ORDS

Ooredoo Q.P.S.C

Ooredoo Q.P.S.C
Transparent18
Akbank T.A.S. logo
AKBNK

Akbank T.A.S.

Akbank T.A.S.
Transparent18
Saudi Ground Services Co. logo
4031

Saudi Ground Services Co.

Saudi Ground Services Co.
Transparent18
Abu Dhabi National Energy Company logo
TAQA

Abu Dhabi National Energy Company

Abu Dhabi National Energy Company
Transparent17
Mutakamela Insurance Company logo
8040

Mutakamela Insurance Company

Mutakamela Insurance Company
Transparent17
Air Arabia PJSC logo
AIRARABIA

Air Arabia PJSC

Air Arabia PJSC
Transparent17
Agility Global PLC logo
AGILITY

Agility Global PLC

Agility Global PLC
Transparent17
Turkiye Petrol Rafinerileri A.S. logo
TUPRS

Turkiye Petrol Rafinerileri A.S.

Turkiye Petrol Rafinerileri A.S.
Transparent17
Turkiye Is Bankasi Anonim Sirketi logo
ISKUR

Turkiye Is Bankasi Anonim Sirketi

Turkiye Is Bankasi Anonim Sirketi
Transparent17
Zahrat Al Waha For Trading Co. logo
3007

Zahrat Al Waha For Trading Co.

Zahrat Al Waha For Trading Co.
Transparent17
Turk Telekomunikasyon A.S. logo
TTKOM

Turk Telekomunikasyon A.S.

Turk Telekomunikasyon A.S.
Transparent17
Turk Hava Yollari A.O. logo
THYAO

Turk Hava Yollari A.O.

Turk Hava Yollari A.O.
Transparent16
Ford Otomotiv Sanayi A.S. logo
FROTO

Ford Otomotiv Sanayi A.S.

Ford Otomotiv Sanayi A.S.
Transparent16
Enka Insaat ve Sanayi A.S. logo
ENKAI

Enka Insaat ve Sanayi A.S.

Enka Insaat ve Sanayi A.S.
Transparent15
Turkiye Garanti Bankasi Anonim Sirketi logo
GARAN

Turkiye Garanti Bankasi Anonim Sirketi

Turkiye Garanti Bankasi Anonim Sirketi
Transparent15
Aselsan Elektronik Sanayi ve Ticaret A.S. Class B logo
ASELS

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B
Transparent14
ACWA Power logo
2082

ACWA Power

ACWA Power
Transparent14
AFG International Company logo
4240

AFG International Company

AFG International Company
Transparent14
The National Bank of Ras Al Khaimah logo
RAKBANK

The National Bank of Ras Al Khaimah

The National Bank of Ras Al Khaimah
Transparent13
Koc Holding A.S. logo
KCHOL

Koc Holding A.S.

Koc Holding A.S.
Transparent13
Horizon Educational Company logo
9603

Horizon Educational Company

Horizon Educational Company
Transparent13
AHLI BANK Q.P.S.C. logo
ABQK

AHLI BANK Q.P.S.C.

AHLI BANK Q.P.S.C.
Transparent13
Middle East Pharmaceutical Industries Company logo
4016

Middle East Pharmaceutical Industries Company

Middle East Pharmaceutical Industries Company
Transparent13
Eregli Demir Ve Celik Fabrikalari T.A.S. logo
EREGL

Eregli Demir Ve Celik Fabrikalari T.A.S.

Eregli Demir Ve Celik Fabrikalari T.A.S.
Transparent13
BIM Birlesik Magazalar A.S. logo
BIMAS

BIM Birlesik Magazalar A.S.

BIM Birlesik Magazalar A.S.
Transparent12
Abu Dhabi Commercial Bank logo
ADCB

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank
Transparent10
Abu Dhabi Islamic Bank logo
ADIB

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank
Transparent10
Amanat Holdings PJSC logo
AMANAT

Amanat Holdings PJSC

Amanat Holdings PJSC
Transparent10
International Holding Company PJSC logo
IHC

International Holding Company PJSC

International Holding Company PJSC
Transparent9
Emirates NBD Bank (P.J.S.C) logo
EMIRATESNBD

Emirates NBD Bank (P.J.S.C)

Emirates NBD Bank (P.J.S.C)
Transparent9
Emirates Integrated Telecommunications Company PJSC logo
DU

Emirates Integrated Telecommunications Company PJSC

Emirates Integrated Telecommunications Company PJSC
Transparent9
Mashreqbank PSC logo
MASQ

Mashreqbank PSC

Mashreqbank PSC
Transparent9
Naba Alsaha Medical Services Co. logo
9546

Naba Alsaha Medical Services Co.

Naba Alsaha Medical Services Co.
Transparent9
Dubai Investment (P.J.S.C) logo
DIC

Dubai Investment (P.J.S.C)

Dubai Investment (P.J.S.C)
Transparent9
Dubai Financial Market (DFM) - PJSC logo
DFM

Dubai Financial Market (DFM) - PJSC

Dubai Financial Market (DFM) - PJSC
Transparent9
GFH Financial Group B.S.C logo
GFH

GFH Financial Group B.S.C

GFH Financial Group B.S.C
Transparent9
Agility Public Warehousing Co. K.S.C. logo
MKHZN

Agility Public Warehousing Co. K.S.C.

Agility Public Warehousing Co. K.S.C.
Transparent9
Al Rajhi Bank logo
1120

Al Rajhi Bank

Al Rajhi Bank
Transparent9
Saudi National Bank logo
1180

Saudi National Bank

Saudi National Bank
Transparent9
Abdullah Al Othaim Markets Co. logo
4001

Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co.
Transparent9
First Milling Co. logo
2283

First Milling Co.

First Milling Co.
Transparent9
CATRION Catering Holding Company logo
6004

CATRION Catering Holding Company

CATRION Catering Holding Company
Transparent9
Knowledge Economic City logo
4310

Knowledge Economic City

Knowledge Economic City
Transparent8
Abu Dhabi Ports Company PJSC logo
ADPORTS

Abu Dhabi Ports Company PJSC

Abu Dhabi Ports Company PJSC
Transparent8
Saudi Paper Manufacturing Co. logo
2300

Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co.
Transparent8
Emaar Properties (P.J.S.C) logo
EMAAR

Emaar Properties (P.J.S.C)

Emaar Properties (P.J.S.C)
Transparent7
Dubai Islamic Bank PJSC logo
DIB

Dubai Islamic Bank PJSC

Dubai Islamic Bank PJSC
Transparent7
Talabat Holding Plc logo
TALABAT

Talabat Holding Plc

Talabat Holding Plc
Transparent7
TECOM Group PJSC logo
TECOM

TECOM Group PJSC

TECOM Group PJSC
Transparent7
Deyaar Development (P.J.S.C) logo
DEYAAR

Deyaar Development (P.J.S.C)

Deyaar Development (P.J.S.C)
Transparent7
Aramex PJSC logo
ARMX

Aramex PJSC

Aramex PJSC
Transparent7
First Abu Dhabi Bank logo
FAB

First Abu Dhabi Bank

First Abu Dhabi Bank
Transparent6
Almawarid Manpower Company logo
1833

Almawarid Manpower Company

Almawarid Manpower Company
Transparent6
Armah Sports Company logo
9590

Armah Sports Company

Armah Sports Company
Transparent6
National Central Cooling Co. (P.S.C.) (Tabreed) logo
TABREED

National Central Cooling Co. (P.S.C.) (Tabreed)

National Central Cooling Co. (P.S.C.) (Tabreed)
Transparent6
Wataniya Insurance Co. logo
8300

Wataniya Insurance Co.

Wataniya Insurance Co.
Transparent6
Emaar Development PJSC logo
EMAARDEV

Emaar Development PJSC

Emaar Development PJSC
Transparent5
Gas Arabian Services Co logo
4146

Gas Arabian Services Co

Gas Arabian Services Co
Transparent5
Sharjah Islamic Bank logo
SIB

Sharjah Islamic Bank

Sharjah Islamic Bank
Transparent5
Derayah Financial Company logo
4084

Derayah Financial Company

Derayah Financial Company
Transparent5
Amlak Finance PJSC logo
AMLAK

Amlak Finance PJSC

Amlak Finance PJSC
Transparent3
Mediterranean & Gulf Cooperative Insurance & Reinsurance Co. logo
8030

Mediterranean & Gulf Cooperative Insurance & Reinsurance Co.

Mediterranean & Gulf Cooperative Insurance & Reinsurance Co.
Transparent2
Eastern Province Cement Co. logo
3080

Eastern Province Cement Co.

Eastern Province Cement Co.
Transparent2
Salik Company PJSC logo
SALIK

Salik Company PJSC

Salik Company PJSC
Transparent2
Dubai Taxi Co. PJSC logo
DTC

Dubai Taxi Co. PJSC

Dubai Taxi Co. PJSC
Transparent2
Theeb Rent a Car Company logo
4261

Theeb Rent a Car Company

Theeb Rent a Car Company
Transparent2
Commercial Bank of Dubai(PSC) logo
CBD

Commercial Bank of Dubai(PSC)

Commercial Bank of Dubai(PSC)
Transparent1
Ajman Bank PJSC logo
AJMANBANK

Ajman Bank PJSC

Ajman Bank PJSC
Transparent1
East Pipes Integrated Company for Industry logo
1321

East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry
Transparent1
United Wire Factories Co. logo
1301

United Wire Factories Co.

United Wire Factories Co.
Transparent0
National Industrialization Co. logo
2060

National Industrialization Co.

National Industrialization Co.
Transparent0
Baazeem Trading Co. logo
4051

Baazeem Trading Co.

Baazeem Trading Co.
Transparent0
Etihad Atheeb Telecommunication Co. logo
7040

Etihad Atheeb Telecommunication Co.

Etihad Atheeb Telecommunication Co.
Transparent0
Seera Holding Group logo
1810

Seera Holding Group

Seera Holding Group
Transparent0
Al Jouf Cement Co. logo
3091

Al Jouf Cement Co.

Al Jouf Cement Co.
Transparent0
Al Yamamah Steel Industries Co. logo
1304

Al Yamamah Steel Industries Co.

Al Yamamah Steel Industries Co.
Transparent0

Highest Risk CompaniesTop 20 by risk score

CompanyRisk ScoreTransparencyRisk Flags
ADNOC Gas plc logo
ADNOCGAS

ADNOC Gas plc

ADNOC Gas plc
25
Transparent
  • Single holder controls 74.0% (The Abu Dhabi National Oil Company (ADNOC))
  • Government/SWF majority ownership (100.0%)
ADNOC Drilling Company PJSC logo
ADNOCDRILL

ADNOC Drilling Company PJSC

ADNOC Drilling Company PJSC
25
Transparent
  • Single holder controls 100.0% (Abu Dhabi National Oil Company)
  • Government/SWF majority ownership (100.0%)
Alpha Dhabi Holding PJSC logo
ALPHADHABI

Alpha Dhabi Holding PJSC

Alpha Dhabi Holding PJSC
25
Transparent
  • Single holder controls 85.0% (Abu Dhabi Investment Authority)
  • Government/SWF majority ownership (85.0%)
Modon Holding PSC logo
MODON

Modon Holding PSC

Modon Holding PSC
25
Transparent
  • Single holder controls 100.0% (Government of Abu Dhabi)
  • Government/SWF majority ownership (100.0%)
Abu Dhabi National Oil Company For Distribution logo
ADNOCDIST

Abu Dhabi National Oil Company For Distribution

Abu Dhabi National Oil Company For Distribution
25
Transparent
  • Single holder controls 74.0% (Abu Dhabi National Oil Company)
  • Government/SWF majority ownership (74.0%)
ADNOC Logistics & Services plc logo
ADNOCLS

ADNOC Logistics & Services plc

ADNOC Logistics & Services plc
25
Transparent
  • Single holder controls 70.0% (Abu Dhabi National Oil Company)
  • Government/SWF majority ownership (85.0%)
Fertiglobe plc logo
FERTIGLB

Fertiglobe plc

Fertiglobe plc
25
Transparent
  • Single holder controls 73.1% (Abu Dhabi National Oil Company (ADNOC))
  • Government/SWF majority ownership (73.1%)
NMDC Group PJSC logo
NMDC

NMDC Group PJSC

NMDC Group PJSC
25
Transparent
  • Single holder controls 100.0% (Government of UAE)
  • Government/SWF majority ownership (100.0%)
Saudi Arabian Oil Co. logo
2222

Saudi Arabian Oil Co.

Saudi Arabian Oil Co.
25
Transparent
  • Single holder controls 81.5% (المملكة العربية السعودية)
  • Government/SWF majority ownership (81.5%)
Saudi Basic Industries Corp. logo
2010

Saudi Basic Industries Corp.

Saudi Basic Industries Corp.
25
Transparent
  • Single holder controls 70.0% (شركة أرامكو للتكرير والكيميائيات والتسويق)
  • Government/SWF majority ownership (70.0%)
Turkiye Vakiflar Bankasi Turk Anonim Ortakligi logo
VAKBN

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi
25
Transparent
  • Single holder controls 71.5% (Türkiye Vakıflar Genel Müdürlüğü (Directorate of Turkish Foundations))
  • Government/SWF majority ownership (71.5%)
United International Holding Co. logo
4083

United International Holding Co.

United International Holding Co.
24
Transparent
  • Single holder controls 67.8% (الشركة المتحدة للالكترونيات)
  • Government/SWF majority ownership (67.8%)
Borouge PLC logo
BOROUGE

Borouge PLC

Borouge PLC
23
Transparent
  • Single holder controls 66.0% (Abu Dhabi National Oil Company (ADNOC))
  • Government/SWF majority ownership (66.0%)
Almoosa Health Co. logo
4018

Almoosa Health Co.

Almoosa Health Co.
23
Transparent
  • Single holder controls 65.8% (شركة عبدالعزيز بن عبدالله الموسى للاستثمار)
  • Government/SWF majority ownership (65.8%)
Spinneys 1961 Holding plc logo
SPINNEYS

Spinneys 1961 Holding plc

Spinneys 1961 Holding plc
22
Transparent
  • Single holder controls 68.5% (Spinneys Holding Limited)
Alqemam for Computer Systems Co. logo
9558

Alqemam for Computer Systems Co.

Alqemam for Computer Systems Co.
22
Transparent
  • Single holder controls 65.0% (واصل بن عبدالله بن عبدالعزيز الواصل)
  • Government/SWF majority ownership (65.0%)
Emirates Telecom. Group Company (Etisalat Group) PJSC logo
EAND

Emirates Telecom. Group Company (Etisalat Group) PJSC

Emirates Telecom. Group Company (Etisalat Group) PJSC
21
Transparent
  • Single holder controls 60.0% (Government of UAE)
  • Government/SWF majority ownership (100.0%)
Emirates Central Cooling Systems Corporation PJSC logo
EMPOWER

Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation PJSC
21
Transparent
  • Single holder controls 60.0% (Emirates Central Cooling Holding Company)
  • Government/SWF majority ownership (80.0%)
Saudi Telecom Co. logo
7010

Saudi Telecom Co.

Saudi Telecom Co.
21
Transparent
  • Single holder controls 62.0% (صندوق الاستثمارات العامه)
  • Government/SWF majority ownership (62.0%)
  • Ruling family board presence without declared ownership
Turkiye Is Bankasi Anonim Sirketi Class B logo
ISBTR

Turkiye Is Bankasi Anonim Sirketi Class B

Turkiye Is Bankasi Anonim Sirketi Class B
21
Transparent
  • 19.9% held through nominees — beneficial ownership unclear
  • 19.9% in 1 unresolved nominee chain(s)

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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