Largest Banks in Middle East: Al-Rajhi, Saudi National Bank Top Forbes' List

(MENAFN) According to a recent report by Forbes, Al-Rajhi Bank and Saudi National Bank have been identified as the two largest banks in the Middle East region. With a market cap of USD75 billion and USD56.4 billion respectively, these two banks have secured the top spots in the ranking. Qatar National Bank Group has claimed the third position with a market cap of USD42.8 billion, followed by First Abu Dhabi Bank with a market value of USD42.4 billion. Kuwait Finance House has secured the fifth spot on the list with a total market value of USD37.5 billion.

Forbes Middle East has compiled a comprehensive list of the 50 most valuable banks in the Middle East and North Africa region. The rankings are based on the reported market values of these banks as of February 28, 2023. In total, the 50 banks on the list have a combined market value of USD548.1 billion.

The report highlights that the top three banks on the list have a collective market cap of USD174.2 billion, which accounts for nearly 32 percent of the total list. Additionally, the Forbes ranking reveals that Saudi Arabia and the UAE are home to the most banks on the list, with 10 entries each, representing 40 percent of the ranking.

This report sheds light on the financial landscape of the Middle East and North Africa region. It indicates that the banking sector in the region is thriving, with several notable institutions contributing to the industry's growth. With a significant market share held by the top-performing banks, it is clear that these institutions are integral to the region's economic prosperity.

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