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

UAE banks

In Forbes Middle East's latest ranking of the "30 Most Valuable Banks," the UAE stands out with seven banks making it to the prestigious list. With a combined market value of $128.7 billion, these UAE-based financial institutions underscore the country's significant presence in the regional banking landscape.

At the forefront of this impressive showing is the First Abu Dhabi Bank (FAB), securing the third position with a remarkable market value of $41.5 billion. FAB's robust performance reflects its stature as a key player in the Middle Eastern banking sector and underscores its strategic position in the region's financial ecosystem.

Gulf entities dominate this year's rankings, with 26 out of the 30 banks hailing from the GCC region. This dominance underscores the economic strength and vitality of Gulf nations in the banking industry. Among the GCC countries, Saudi Arabia emerges as a prominent player, contributing ten entries to the list with a collective market value of $279.5 billion. Qatar follows closely behind with six entries, boasting a total market value of $73.6 billion.

The overall growth trajectory of these top banks is notable, with the combined market value of the 30 banks reaching $581.1 billion as of February 23, 2024. This marks a significant 14% increase over the past 12 months, highlighting the resilience and dynamism of the banking sector in the face of evolving economic challenges.

Leading the pack is Saudi-based Alrajhi Bank, commanding a market value of $96.6 billion. The bank's impressive performance reflects its robust financial fundamentals, with substantial growth recorded over the past year. Notably, Alrajhi Bank's total assets stood at $215.5 billion as of December 2023, accompanied by a commendable net profit of $4.4 billion.

Joining Alrajhi Bank at the forefront are Saudi National Bank (SNB) and First Abu Dhabi Bank (FAB), with market values of $68.2 billion and $41.5 billion, respectively. Together, these three banking giants account for over 35% of the aggregate market value of the top 30 banks, underscoring their significant contribution to the regional banking landscape.

Forbes Middle East compiled the rankings based on data from Middle Eastern banks listed on stock exchanges across the Arab world. The assessment was grounded in each bank's reported market value as of February 23, 2024, with listed subsidiaries of other companies excluded from consideration.

In conclusion, the inclusion of seven UAE banks in Forbes Middle East's "30 Most Valuable Banks" is a testament to the country's robust financial sector and its pivotal role in driving economic growth and prosperity across the region. As these banks continue to thrive and expand their footprint, they reinforce the UAE's position as a leading financial hub in the Middle East.