Middle East's top 30 banks' assets total $2.5trln

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Middle East’s top 30 banks a total market value of $586.6 billion and total assets worth $2.5 trillion as of June 28, says a Forbes Middle East, unveiling its ranking of the region’s top 30 banks for 2022.

Saudi Arabia dominates the top banks ranking with 10 entries, followed by the UAE with seven, Qatar with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each.

For the second consecutive year, Qatar’s QNB Group tops the list with $300.3 billion in total assets. The UAE’s FAB, Saudi’s Al Rajhi Bank, and Saudi National Bank follow in a three-way tie for second place.

UAE-based Emirates NBD rounds up the top five. Combined, these five amassed $16.8 billion in 2021 profits, constituting 49% of the aggregate profits of the 30 banks on the list.

The list recognizes the region’s most resilient banking heavyweights that have emerged strong from the pandemic crisis, said a statement.

To construct the list, Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.