Seven UAE banks worth $128.7 billion featured in Forbes ME’s most valuable banks in 2024

Seven UAE banks worth $128.7 billion featured in Forbes ME’s most valuable banks in 2024

Saudi-based alrajhi bank leads the 2024 list. Its market value climbed by $21.7 billion over the last 12 months to hit $96.6 billion. The bank recorded total assets worth $215.5 billion as of December 2023, with a net profit of $4.4 billion. Saudi National Bank and First Abu Dhabi Bank round up the top three with $68.2 billion and $41.5 billion in market value, respectively. Combined, these three giants amassed $206.3 billion in market value, constituting over 35 per cent of the aggregate worth of the 30 banks on the ranking. Still, the total market cap of the region's top three most valuable banks is less than the cumulative worth of the 10 Saudi banks on the list, worth $279.5 billion.

To construct the list, Forbes Middle East compiled data from Middle Eastern banks listed on stock exchanges in the Arab world and ranked companies based on their reported market value as of 23rd February, 2024. Listed subsidiaries of other listed companies were excluded.

Seven UAE banks worth $128.7 billion featured in Forbes ME's most valuable banks in 2024