Seven UAE banks feature on Forbes list of ‘most valuable’ in the Middle East – News
[ad_1]
Seven UAE banks, with a market value of $128.7 billion, have made it to Forbes’ Middle East ’30 Most Valuable Banks’ list. First Abu Dhabi Bank (FAB) is in third place with a market value of $41.5 billion.
Gulf entities dominate this year’s rankings, with 26 of the 30 based in the GCC. The ranking represents banks from seven markets.
Saudi Arabia makes up a third of the list with 10 entries, with an aggregate market value of $279.5 billion. Qatar came in third place with six entries worth $73.6 billion.
Stay up to date with the latest news. Follow KT on WhatsApp channels.
As of February 23, 2024, the 30 banks had a combined value of $581.1 billion, up 14% over the past 12 months.
Saudi Arabia-based Alrajhi Bank tops the list for 2024. Its market value increased by $21.7 billion over the past 12 months to $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 out the top three with $68.2 billion and $41.5 billion in market value, respectively. Combined, these three giants accumulated $206.3 billion in market value, which constitutes more than 35% of the added value of the 30 banks in the ranking.
To compile the list, Forbes Middle East compiled data from Middle Eastern banks listed on stock exchanges in the Arab world and ranked the companies based on their reported market value as of February 23, 2024. Listed subsidiaries were excluded on the stock exchange of other listed companies.
The 5 most valuable banks in the Middle East in 2024
alrajhi bank
Market value: $96.6 billion
Country: Saudi Arabia
Saudi National Bank (SNB)
Market value: $68.2 billion
Country: Saudi Arabia
First Abu Dhabi Bank (FAB)
Market value: $41.5 billion
Country: United Arab Emirates
Kuwait Finance House (KFH)
Market value: $40.3 billion
Country: Kuwait
QNB Group
Market value: 38 billion dollars
Country: Qatar
READ ALSO
[ad_2]
