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- Saudi Arabia and the U.A.E. dominate the list with 10 entries each.
- Qatar’s QNB Group tops the ranking.
Dubai: Forbes Middle East has unveiled its “Top 50 Banks In The Middle East” list featuring the region’s banking powerhouses that help drive the economy. To construct the list, Forbes Middle East gathered data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value. Qatar’s QNB Group leads the pack at the top spot.
As of June 6, 2021, the banks that feature on Forbes Middle East’s list of the “Top 50 Banks In The Middle East” had a total value of $513.6 billion and assets worth $2.5 trillion. That is more than three times the GDP estimate of Saudi Arabia, the region’s largest economy. With 10 entries each, Saudi Arabia and the U.A.E. have the most entries, followed by Qatar with eight, and Kuwait with six.
The region’s banking industry is in the midst of a consolidation phase, where some of the largest banks are merging to create larger banking groups. By doing this, banks reduce competition and increase their expertise. In 2019, ADCB merged with Union National Bank and Al Hilal Bank to form the ADCB Group, which is the UAE’s third largest bank. In 2020, Dubai Islamic Bank, which was already the largest Islamic bank in the Emirates, merged with Noor Bank. And in March 2021, Saudi’s National Commercial Bank announced a merger with Samba, which will create the one of the region’s most valuable bank.
Top 10 Banks In The Middle East 2021
1 | QNB Group
Country: Qatar
Sales: $13.5 billion
Profits: $3.3 billion
2 | First Abu Dhabi Bank (FAB)
Country: U.A.E.
Sales: $7.6 billion
Profits: $2.9 billion
3 | Saudi National Bank (SNB)
Country: Saudi Arabia
Sales: $6.6 billion
Profits: $3.1 billion
4 | Emirates NBD
Country: U.A.E.
Sales: $9.7 billion
Profits: $1.9 billion
5 | Al Rajhi Bank
Country: Saudi Arabia
Sales: $5.6 billion
Profits: $2.8 billion
6 | ADCB Group
Country: U.A.E.
Sales: $4.6 billion
Profits: $1 billion
7 | Riyad Bank
Country: Saudi Arabia
Sales: $3.6 billion
Profits: $1.3 billion
8 | National Bank of Kuwait (NBK)
Country: Kuwait
Sales: $3.9 billion
Profits: $859 million
9 | Kuwait Finance House (KFH)
Country: Kuwait
Sales: $3.6 billion
Profits: $612 million
10 | Dubai Islamic Bank (DIB)
Country: U.A.E.
Sales: $3.6 billion
Profits: $860 million
Click here for the complete ranking of Top 50 Banks In The Middle East 2021.
About Forbes Middle East
Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic with digital versions available to both regional and global audiences online.
Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.
Media Contact
Juweyria Hersi
hersi@forbesmiddleeast.com
© Press Release 2021
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