Dubai: Banks and financial companies dominate the top 150 listed companies in the Gulf Cooperation Council (GCC) region, according to a new research.

The research, conducted by Shuaa Capital on behalf of the region's leading business publication Gulf Business for its September 2008 edition, found banks and financial companies accounted for 42 percent of the top 150 listed companies in the GCC, numbering 63.

The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

According to a statement issued by Gulf Business, the combined market capitalisation of the banks and finance companies worked out to $369 billion, or more than 40 percent of the $916 billion registered by the top 150.

Of this, the market capitalisation of 48 banks alone that made it to the top 150 stood at over $320 billion.

The survey found that the combined value of the top 150 listed companies in the GCC went up $213 billion in the past one year and, at $916 billion, was inching toward the $1 trillion-mark.

The Saudi Arabia-based Islamic bank Al-Rajhi Bank topped the sectoral listings with a market capitalisation of more than $32 billion.

Kuwait Finance House, with a market capitalisation of $21.68 billion, ranked second in the sector, followed by the National Bank of Kuwait ($18.7 billion).

The other banks and financial companies that made up the top 10 are Samba Financial Group ($16.26 billion), Emirates NBD ($16.23 billion), SABB ($14.22 billion), Qatar National Bank ($13.96 billion), Riyadh Bank ($13.1 billion), Saudi French Bank ($11.66 billion) and the National Bank of Abu Dhabi ($10.72 billion).

Banks aside, the Dubai-based market index, Dubai Financial Market (DFM), was the topmost financial firm with a market cap of $9.84 billion.

Unlike the overall rankings, where Saudi companies dominated, the banking and finance firms' listings was dominated by UAE-based companies, with 18 banks and finance companies making the cut, closely followed by Kuwait (16 banks and finance firms), Saudi Arabia (11), Bahrain (nine), Qatar (seven) and Oman (two), the statement said.

This is the ninth of this annual survey that Gulf Business commissions.

This year's listing ranks the top 150 companies based on their market capitalisation as of Aug 5.