LONDON: The Middle East’s top 30 banks have a total market value of $586.6 billion and assets worth $2.5 trillion as of June 28, Forbes Middle East has reported.
Saudi Arabia leads the 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.
Qatar’s QNB Group topped the list for the second year in a row, with $300.3 billion in total assets.
The UAE’s FAB, Saudi Arabia’s Al-Rajhi Bank, and Saudi National Bank tied for second place.
The UAE-based Emirates NBD was ranked third.
Last year, these five banks combined made $16.8 billion in profit, accounting for 49 percent of the total profit of the 30 banks on the list.
The list “recognizes the region’s resilient banking heavyweights that have emerged stronger from the pandemic crisis.”
Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.