Four Oman banks in top-50 of the region

Four Oman banks in top-50 of the region

Muscat: Four of Oman’s leading banks have found a place in Forbes Middle East’s 50 Most Valuable Banks 2023.

Bank Muscat at the 22nd spot leads the rankings that were revealed by Forbes Middle East on Monday while Sohar International Bank is at the 45th place and is followed by Bank Dhofar (46th) and National Bank of Oman at the 47th rank.

The inclusion of four Oman banks in the ranking of the region’s Top 50 underlines the growing strides made by the quartet.

With a market cap of $75 billion, Saudi Arabia’s Al Rajhi Bank is the largest in the region. Saudi National Bank and Qatar’s QNB Group round up the top three, with $56.4 billion and $42.8 billion in market cap, respectively. Collectively, these three companies have a valuation of $174.2 billion, accounting for nearly 32 per cent of the total list.

Forbes Middle East gathered data from listed stock exchanges in the Arab world and ranked companies based on their reported market value as of February 28, 2023. The 50 banks have an aggregate market value of $548.1 billion.

The report indicated that Bank Muscat is listed on three stock exchanges – Muscat, Bahrain and London – with a market value of