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MENA Watch: Saudi Arabia’s Al Rajhi Bank becomes largest bank in Middle East

Al Rajhi Bank, Saudi National Bank and QNB Group of Qata together comprise roughly 32% of the list and are valued at USD 174.2 billion together

The rank of the largest bank in the Middle East has now been taken by the Al Rajhi Bank of Saudi Arabia, with a market capitalization of USD 75 billion.

According to Forbes Middle East, the top 50 banks, representing ten markets, have a combined market value of USD 548.1 billion.

The market capitalizations of Saudi National Bank and QNB Group of Qatar, who round out the top three, are USD 56.4 billion and USD 42.8 billion, respectively.

Al Rajhi Bank, Saudi National Bank and QNB Group of Qata together comprise roughly 32% of the list and are valued at USD 174.2 billion together.

Based on information obtained from Arab-listed stock exchanges, Forbes ranked the ‘Top 50 Most Valuable Banks’ for the area in 2023. In addition, companies were ranked according to their reported market value as of February 28, 2023.

Thriving GCC Banks

The rating includes companies from ten different markets, but GCC banks dominate the list with 41 entries, accounting for 82% of the total. With ten entries apiece, Saudi Arabia and the United Arab Emirates have the most banks, accounting for 40% of the list.

The combined market value of the top 10 banks in Saudi Arabia is USD 223.5 billion. The market value of Qatar’s eight banks is USD 81.3 billion, the value of the UAE’s ten entries is USD 121.2 billion, and the market value of Kuwait’s seven entries is USD 76.2 billion.

Banks in the area increasingly support sustainable financial initiatives and secure agreements to expand energy-efficient client offers.

In 2022, the National Bank of Kuwait placed 12 electric vehicle charging stations at various levels of the multi-story parking structure linked to its environmentally friendly headquarters as part of its commitment to becoming carbon neutral by 2060.

Masraf Al Rayan

In February 2023, the bank also signed up for the UN Global Compact. In addition, to provide investors with financial opportunities tied to ESG, Masraf Al Rayan of Qatar announced the launch of its sustainable financing framework in April 2022.

In September 2022, the Commercial Bank of Dubai teamed with Sharaf DG Energy to provide consumers with a sustainable and digital financing alternative for installing solar PV systems for their houses from Sharaf DG Energy.

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