Saudi Arabian Al Rajhi Bank topped Forbes Middle East’s list of top 50 most valuable banks representing 10 markets with $548.1 billion, and a market cap of $75 billion, Forbes revealed on Sunday.
The Forbes 2023 list was based on data collected from listed stock exchanges in the Arab region and ranked the banks based on their reported market value as of February 28.
The ranking includes entities from 10 markets, even though GCC banks dominate with 41 entries and representing 82 percent of the list, with banks from Saudi Arabia and the UAE making up most of the list.
Saudi National Bank and Qatari QNB where in the top three, with $56.4 billion and $42.8 billion in market cap respectively.
Saudi Arabia’s 10 valuable banks have an aggregate market value of $223.5 billion, the UAE’s 10 valuable banks are worth $121.2 billion, while Qatar’ eight valuable banks have a market value of $81.3 billion and Kuwait’s seven entries are valued at $76.2 billion.
Banks in the region are backing sustainable finance investments and securing deals to boost energy efficient customer services.
