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I Top 10 Banks In The Middle East
Banking
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.
2. First Abu Dhabi Bank (FAB)
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.
4. Al Rajhi Bank
CEO: Waleed A. Al-Mogbel Country: Saudi Arabia Sales: $5.6 billion • Profits: $2.8 billion Assets: $125 billion • Market value: $69.0 billion Al Rajhi Bank was originally established in 1957 as an exchange house by the Al Rajhi family. It became the Al Rajhi Banking Corporation in 1988 and changed its name to Al Rajhi Bank in 2006. In 2020, the bank’s active users for digital transactions increased 39% to 7.9 million. The bank’s subsidiaries include investment bank Al Rajhi Capital, insurance broker Al Rajhi Takaful Agency, and microfinance company Emkan Finance. Waleed Abdullah Al-Mogbel became CEO of Al Rajhi bank in 2020. He has a PhD in accounting and auditing, and 23 years of experience in the banking and finance sector.
6. ADCB Group
Group CEO: Ala’a Eraiqat Country: U.A.E. Sales: $4.6 billion • Profits: $1 billion Assets: $111.9 billion • Market value: $13.3 billion The ADCB Group was formed in 2020 by the merger of the Abu Dhabi Commercial Bank and the Union National Bank, and the acquisition of the Al Hilal Bank. It is the third biggest bank in the U.A.E... with more than a million customers. It follows a U.A.E.centric growth strategy and has not expanded aggressively overseas. Ala’a Eraiqat has been CEO of the bank since 2009. He is also chairman of its subsidiaries, Al Hilal Bank and Abu Dhabi Commercial Properties. Mubadala is the bank’s largest shareholder, and its CEO, Khaldoon Al Mubarak, is also chairman of ADCB Group.
6. Riyad Bank
CEO: Tareq A. Al Sadhan Country: Saudi Arabia Sales: $3.6 billion • Profits: $1.3 billion Assets: $82.7 billion • Market value: $21.1 billion Riyad Bank has a network of 341 branches in Saudi Arabia, as well as a branch in the U.K, an agency in the U.S., and a representative office in Singapore. The bank employs 5,200 people. In April 2021, the bank bought a 53-floor office tower in Saudi’s King Abdullah Financial District that will serve as its new headquarters. In May 2021, Riyad Bank signed a memorandum of understanding with Bab al-Khair Medical Services, which aims to establish the kingdom’s first non-profit hospital.
8. National Bank Of Kuwait (NBK)
Group CEO: Isam J. Al-Sager Country: Kuwait Sales: $3.9 billion • Profits: $859 million Assets: $98.7 billion • Market value: $20 billion When NBK was founded in 1952, it was the first indigenous bank in Kuwait and the first shareholding company in the Gulf region. The bank reported a net profit of $295.8 million in Q1 2021—an 8.5% year-on-year increase compared to Q1 2020. During the pandemic, NBK launched mobile bank branches—a fleet of vehicles that provided services to customers at their doorsteps, such as ATM transactions, withdrawals, and deposits. Isam J. Al-Sager also serves on the boards of Watani Wealth Management (KSA) and MasterCard.
9. Kuwait Finance House (KFH)
Acting Group CEO: Abdulwahab Iesa Alrushood Country: Kuwait Sales: $3.6 billion • Profits: $612 million Assets: $71.5 billion • Market value: $21 billion KFH was the first Islamic bank to be established in Kuwait in 1977. Today its largest shareholders include the Kuwait Investment Authority and the Kuwait Awqaf Public Foundation. It employs around 15,000 people. The bank has now surpassed the National Bank of Kuwait to become the most valuable company in Kuwait. In May 2021, KFH launched a digital wallet service enabling payments to be made through electronic devices and wearables.
10. Dubai Islamic Bank (DIB)
Group CEO: Adnan Chilwan Country: U.A.E. Sales: $3.6 billion • Profits: $860 million Assets: $78.8 billion • Market value: $9.7 billion DIB acquired Noor Bank in 2020 to become one of the world’s largest Islamic banks. In April 2021, DIB listed its $500 million Sukuk on Nasdaq Dubai, with a total value of $6.3 billion. Group CEO, Adnan Chilwan, also serves as the president commissioner at Panin Dubai Syariah Bank, and as chairman at DIB Bank Kenya Ltd.
Skin Deep
Dr Roy Moutran, Head of Dermatology at Mount Lebanon Hospital, shares the latest medical advancements and cosmetic trends that are shaping the way we take care of our body’s largest organ: the skin.
What are the latest developments in the field of dermatology? Let me divide my answer into two parts: medical and cosmetic. In terms of medical dermatology, we are witnessing major developments relating to many diseases. For example, advancements have been made in the treatment of psoriasis and atopic dermatitis, and there are new biological treatments that we now use in our practice, with excellent results. The advantage of these treatments is that they are targeted therapies that works specifically on the disease itself, with fewer side effects.
As for cosmetic dermatology, the industry is becoming even more advanced. Threads are now integrated frequently in our practice, and when it comes to restructuring the face, the new trend is to inject fillers, which gives results without giving volume. For example, it is now possible to do a non-surgical nose job this way. This is all possible because fillers are now available in different concentrations and with different properties that allow us to perform major work.
How can people with busy work lives have treatments without too much down time afterwards? These days, the majority of cosmetic procedures are very safe, noninvasive, and without side effects such as swelling or bruising. This allows people to undergo procedures and then go straight home or back to work. This is due to the new products we are using and the use of cannulas, which greatly reduce the risk of bruising.
What are the best treatments for professionals who want to minimize the signs of ageing? This is a very important question because what I have been talking
about for years is creating a natural look. Keeping some wrinkles actually makes people look better, and it can be done in a smart and natural way, without changing the structure of the face. Using different concentrations of fillers, we simply enhance some features and reduce wrinkles without removing them altogether. This is very important, especially for businesspeople who do not wish to have major changes to their faces.
Stress can take its toll on the skin. How can people reduce stress and enjoy a radiant appearance for longer? Having good skin is a relief in itself. The first and most striking thing that other people see is our skin and our faces, so when we have good skin and we treat it well, we feel more confident in public settings. Many people who get cosmetic treatments look better and feel more confident in both their personal and professional lives.
There has been some suggestion that people should not undergo treatments involving Botox or fillers for six months after having a COVID-19 vaccine. What is your advice? Concerning the COVID-19 vaccine, there is no contraindication of having Botox of fillers. There have been a few cases of swelling after such treatments in people who have had the Moderna vaccine, but the side effects are easily treatable with a little bit of anti-allergic medication. To be clear: there is no warning against having fillers or Botox and getting vaccinated at the same time.
What is your top beauty tip? One of the most important beauty secrets is to always feminize the woman and masculinize a man, and we bear this in mind with all of our treatments. Also, it’s very important to treat every patient differently according to their faces, according to their expressions, and according to their natural structures.
Where are you currently based and which other locations do you cover? I am based in Lebanon where I have three clinics: Hazmieh, Jounieh, and Beirut. I am also a visiting doctor in Qatar, Saudi Arabia, Kuwait, Bahrain, and Egypt, and I recently started to visit some counties in Sub-Saharan Africa, including Ivory Coast, Nigeria, and Senegal. I don’t really believe in online or digital consultation. I think a doctor, and especially a dermatologist, needs to see the skin, and sometimes touch it, to be able to offer the right treatment.
What impact has the pandemic had on our beauty and our health? The COVID-19 pandemic has significantly affected our health. I have witnessed a lot of suffering and even death as a consequence of the pandemic, and I am happy to say that I have also seen a lot of people recover, although lasting health issues are common. As for our beauty, we have seen a big reduction in maintenance because many people could not visit a doctor for cosmetic procedures during the pandemic and couldn’t maintain their treatments in the usual way. However, thanks to the vaccination rollout, things will get better and hopefully we will get back to normal soon. With this in mind, I strongly advise everyone to take the vaccine; this is probably the only way that we can return to normal life.
www.drroymoutran.com
