7 UAE banks make it to Forbes' 'most valuable' list for Middle East

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Seven banks from the UAE, with a market value of $128.7 billion, have made it to Forbes Middle East's ‘30 Most Valuable Banks’. The First Abu Dhabi Bank (FAB) is at number 3 with a market value of $41.5 billion.

Gulf entities dominate this year’s ranking, with 26 of the 30 based in the GCC. The ranking represents banks from seven markets.

Saudi Arabia makes up a third of the list with 10 entries, with an aggregate market value of $279.5 billion. Qatar placed third with six entries worth $73.6 billion.

As of February 23, 2024, the 30 banks had a combined value of $581.1 billion, up 14% over the last 12 months.

Saudi-based alrajhi bank leads the 2024 list. Its market value climbed by $21.7 billion over the last 12 months to hit $96.6 billion. The bank recorded total assets worth $215.5 billion as of December 2023, with a net profit of $4.4 billion.

Saudi National Bank and First Abu Dhabi Bank round up the top three with $68.2 billion and $41.5 billion in market value, respectively. Combined, these three giants amassed $206.3 billion in market value, constituting over 35% of the aggregate worth of the 30 banks on the ranking.

The construct the list, Forbes Middle East compiled data from Middle Eastern banks listed on stock exchanges in the Arab world and ranked companies based on their reported market value as of February 23, 2024. Listed subsidiaries of other listed companies were excluded.

Top 5 Most Valuable Banks In The Middle East 2024

alrajhi bank
Market value: $96.6 billion
Country: Saudi Arabia

Saudi National Bank (SNB)
Market value: $68.2 billion
Country: Saudi Arabia

First Abu Dhabi Bank (FAB)
Market value: $41.5 billion
Country: UAE

Kuwait Finance House (KFH)
Market value: $40.3 billion
Country: Kuwait

QNB Group
Market value: $38 billion
Country: Qatar