2. First Abu Dhabi Bank (FAB)
LEADERBOARD
20
Top 10 Banks
In The Middle East As of June 6, 2021, the banks on Forbes Middle East’s list of the “Top 50 Banks In The Middle East” had a total value of $513.6 billion and assets worth $2.5 trillion. Here’s a look at the top 10. Banking and finance is a vital sector for global economies. It is through banks that governments control monetary policy and inflation, and inject stimulus into the markets. When the pandemic hit last year, banks made sure that economies stayed afloat by using measures like postponing loan payments, restructuring debt, and lending to key sectors. Here are the top 10 banks in the Middle East. We collected data from the listed stock exchanges in the Arab world and ranked companies based on market value (calculated as of June 6, 2021), sales, assets, and profits. Check out our website for the full Top 50 Banks In The Middle East 2021 list.
1. QNB Group Group CEO: Abdulla Mubarak Al-Khalifa Country: Qatar Sales: $13.5 billion • Profits: $3.3 billion Assets: $281.6 billion • Market value: $45.2 billion The QNB Group is the Middle East and Africa’s biggest bank in terms of assets. When it was established in 1964, it was Qatar’s first locallyowned commercial bank. The Qatar Investment Authority owns more than 50% of QNB’s shares. The bank operates in 31 countries either directly or through its subsidiaries. Over the last year, the bank’s assets grew by 9%, but net profit fell 16%. Abdulla Mubarak Al-Khalifa became acting CEO in November 2018 and CEO in 2019. He is also a board member at Ooredoo. F O R B E S M I D D L E E A S T.C O M
Group CEO: Hana Al Rostamani Country: U.A.E. Sales: $7.6 billion • Profits: $2.9 billion Assets: $250.2 billion • Market value: $50.2 billion FAB, the U.A.E.’s largest bank, was formed in 2017 by the merger of the First Gulf Bank and the National Bank of Abu Dhabi. Mubadala is the largest shareholder in the company through the Abu Dhabi Investment Council. In January 2021, FAB agreed to buy the Egyptian business of Lebanon’s Bank Audi, making it one of the largest foreign banks in Egypt with total assets of more than $8.1 billion post-acquisition. That same month, Hana Al Rostamani was named Group CEO of FAB. She was the topranked woman on Forbes Middle East’s list of the Top CEOs In The Middle East 2021 at #19.
3. The Saudi National Bank Group CEO and Managing Director: Saeed Alghamdi Country: Saudi Arabia Sales: $6.6 billion • Profits: $3.1 billion Assets: $159.9 billion • Market value: $64.1 billion SNB was formed on April 1, 2021, by the merger of the National Commercial Bank, which was Saudi’s biggest bank in terms of assets, and the Samba Financial Group, which evolved from Citibank. It is now the largest commercial bank in Saudi and the most valuable bank in the Middle East in terms of market cap. It also owns both NCB Capital and Samba Capital & Investment Management, which together form the biggest asset manager, brokerage, and investment bank in Saudi Arabia.
4. Emirates NBD Group CEO: Shayne Nelson Country: U.A.E. Sales: $9.7 billion • Profits: $1.9 billion Assets: $190.1 billion • Market value: $23.5 billion Emirates NBD was formed in 2007 by the merger of the National Bank of Dubai and Emirates Bank International. Today it is Dubai’s largest bank by assets, employing more than 25,000 people. Chairman, Sheikh Ahmed Bin Saeed Al Maktoum, is also the chairman and CEO of the Emirates Group. Shayne Nelson has been CEO of the bank since 2013. Before joining Emirates NBD, Nelson served in Singapore as the CEO of Standard Chartered Private Bank. JULY 2021
BY LAYAN ABO SHKIER; QNB GROUP; FIRST ABU DHABI BANK; THE NATIONAL COMMERCIAL BANK - ALAHLINCB (@ALAHLINCB / FACEBOOK); EMIRATES NBD
Banking
