Forbes Middle East reveals Top 50 Most Valuable Banks 2023

Forbes Middle East reveals Top 50 Most Valuable Banks 2023

Forbes Middle East, a vital source for the region’s latest business and financial news of Forbes Media, a global media company, has revealed its ranking of the region’s Top 50 Most Valuable Banks 2023, recognizing the Middle East’s biggest banking titans.

To construct the 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. With a market cap of $75 billion, Saudi’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 percent of the total list.

The ranking features entities from 10 markets, although GCC banks dominate with 41 entries, representing 82 percent of the list. Overall, Saudi Arabia and the UAE are home to the most banks on the list, with 10 entries each, constituting 40 percent of the ranking.

Saudi Arabia’s 10 most valuable banks have an aggregate market value of $223.5 billion. The UAE’s 10 entries