Forbes Middle East Unveils The Top 30 Most Valuable Banks Of 2024

Forbes Middle East has recently unveiled its prestigious '30 Most Valuable Banks' ranking, showcasing the financial institutions that have demonstrated resilience, profitability, and a strong focus on customer satisfaction across the region. As of February 23, 2024, these elite 30 banks boast a combined market value of US$581.1 billion, marking a significant 14 percent increase over the past year. The Gulf Cooperation Council (GCC) countries have emerged as dominant players in this year's rankings, with 26 of the 30 banks hailing from this region. The list features banks from seven different markets, highlighting the diverse financial landscape of the Middle East.

Saudi Arabia claims a prominent position in the ranking, contributing 10 banks with a total market value of $279.5 billion. Following closely is the United Arab Emirates (UAE) with seven banks valued at $128.7 billion. Qatar ranks third with six banks, collectively worth $73.6 billion. Topping the list is alrajhi bank from Saudi Arabia, which saw its market value surge by $21.7 billion over the last year to reach $96.6 billion. This growth is supported by its substantial assets totaling $215.5 billion as of December 2023 and a net profit of $4.4 billion.

The Saudi National Bank and First Abu Dhabi Bank follow closely behind, with market values of $68.2 billion and $41.5 billion respectively. Together, these top three banking giants amass a market value of $206.3 billion, accounting for over 35 percent of the total value represented by the 30 banks on the list. However, it's noteworthy that the combined market cap of these three leading banks still falls short of the total value of the 10 Saudi banks featured in the ranking.

To compile this authoritative list, Forbes Middle East meticulously gathered data from Middle Eastern banks that are publicly listed on stock exchanges across the Arab world. The ranking process focused on evaluating companies based on their reported market value as of February 23, 2024. It's important to note that listed subsidiaries of other publicly traded companies were not considered for inclusion in this ranking.

This comprehensive analysis not only highlights the financial strength and stability of these institutions but also underscores their pivotal role in driving economic growth and development across the region. The '30 Most Valuable Banks' ranking serves as a testament to the dynamic and robust nature of the Middle Eastern banking sector, reflecting its capacity to thrive amidst global economic fluctuations.

The dominance of GCC-based banks in this year's rankings further emphasizes the strategic importance of these financial institutions in shaping the economic landscape of the Gulf region. As these banks continue to expand their operations and enhance their services, they play a crucial role in fostering financial stability and promoting sustainable economic development throughout the Middle East.

With inputs from WAM