Saudi’s Al Rajhi Bank valued at $75bln largest ME bank: Forbes

Saudi’s Al Rajhi Bank valued at $75bln largest ME bank: Forbes

Saudi Arabia’s Al Rajhi Bank with a market cap of $75 billion is the largest bank in the Middle East, as the top 50 banks representing 10 markets have an aggregate market value of $548.1 billion, Forbes Middle East has revealed.

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% of the total list.

Forbes ranking of the region’s Top 50 Most Valuable Banks 2023 was constructed from data gathered from listed stock exchanges in the Arab world and ranked companies based on their reported market value as of February 28, 2023.

GCC banks dominate

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

Saudi Arabia’s 10 most valuable banks have an aggregate market value of $223.5 billion. The UAE’s 10 entries are worth $121.2 billion, Qatar’s eight banks have a market value of $81.3 billion, and Kuwait’s seven entries are worth $76.2 billion.

Increasingly,