Saudi Arabia topped Forbes’ list of the “30 Most Valuable Banks 2025,” with ten entries totalling USD 269 billion in market value. The business-oriented media outlet claims that almost one-third of the listed banks’ USD 600.8 billion market capitalisation was made up of financial institutions from the Kingdom.
Qatar contributed six banks totalling USD 76.7 billion, while the United Arab Emirates (UAE) followed with seven institutions valued at USD 153.4 billion. Kuwait and Morocco had banks with market values of USD 68.4 billion and USD 23.7 billion, respectively, ranking third and second on the list.
According to a recent Ernst and Young report, the banking industry in the Middle East and North Africa remains strong and is expected to grow significantly in 2025 due to economic diversification, favourable financial conditions, and a projected 3–5% economic expansion driven by infrastructure projects and an increase in non-oil activity.
In a statement announcing its latest rankings, Forbes said, “This year’s list features banks from seven countries, with 26 entries being Gulf-based. Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of USD 269 billion.”
According to the media company, the 30 banks’ combined market value grew by 34.4% annually, from USD 581.01 billion in February 2024 to USD 600.08 billion on January 31, 2025.
Al-Rajhi Bank continued to hold the top spot as the most valuable bank in the region, with a market capitalisation of USD 105 billion, or 17.6% of the 30 banks’ combined market value.
First Abu Dhabi Bank of the United Arab Emirates (UAE), valued at USD 43.7 billion, and Saudi National Bank, valued at USD 54.7 billion, followed. Outside of the top three, Kuwait Finance House and Qatar’s QNB Group came in fourth and fifth place, respectively, with market values of USD 38.3 billion and USD 41.2 billion.
Following them were the National Bank of Kuwait (USD 27.1 billion) and the Emirates NBD Group (USD 28.9 billion) of the UAE. Abu Dhabi Commercial Bank and Riyad Bank are two other noteworthy banks in the ranking. The list also includes banks from Oman and Morocco.
Other notable banks in the ranking include Abu Dhabi Commercial Bank and Riyad Bank. The list also features banks from Morocco and Oman. Forbes’ list comes amid the MENA banking sector showing stability over the past year, supported by higher interest rates and robust oil prices.
According to a Fitch Ratings report published in 2024, the economic environment in the region has sustained liquidity levels, profitability, and strong capital buffers for most Gulf Cooperation Council banks.