Saudi, UAE banks rank highest valued in Middle East: Forbes
Gulf Cooperation Council (GCC) countries took 41 places, or 82%, of the list of the 50 highest-valued banks in the Middle East and North Africa.
DUBAI — Saudi Arabia took the top spot in the Middle East and North Africa’s (MENA) 2023 list of 50 highest-valued banks, according to a report released on Monday, as the region withstood the burden of Western bank collapses and inflation hikes last month.
The 50 banks featured in the ranking held an aggregate market value of $548 billion as of Feb. 28, according to Forbes Middle East’s 50 Most Valuable Banks 2023 list.
Of the region’s 22 countries, 10 appeared in the list. Banks from the Gulf Cooperation Council (GCC) take up the lion's share and account for 82% of the rankings.
There were 10 banks from Saudi Arabia with a combined value of $223.5 billion, as well as 10 from the United Arab Emirates (UAE) valued at $121.2 billion, eight from Qatar worth $81.3 billion and seven from Kuwait worth $76.2 billion.
