Saudi firms now account for 47 per cent of the combined capitalisation of the region’s 100 largest listed companies. In 2010, the kingdom represented 30 per cent, while in 2011, the figure was 38 per cent.

Saudi Basic Industries Corporation (Sabic) has long been the region’s largest traded company, with Al-Rajhi Bank & Investment Company usually occupying second place and Saudi Telecom Company not far behind.

But of the eight new entrants this year, six are listed on the Tadawul. The increased dominance of Saudi companies mirrors the kingdom’s status as the new economic powerhouse of the region. While the UAE continues to recover from the real estate crash of 2008-09 and other countries have had to contend with political uprisings, Saudi Arabia has been using its oil income to fund a major construction boom.

The kingdom has the largest projects market in the Gulf, with $740bn-worth of projects planned or under way. Riyadh’s policy of using local materials and talent whenever possible means the spending should start filtering down and benefiting the wider economy.

This is illustrated by the arrival of two more Saudi cement companies in the MEED 100 ranking.