Most Valuable Banks 2023

These are MENA’s top five most valuable banks in 2023, according to Forbes Middle East’s ranking that was published in April.

1 Al Rajhi Bank

2 Saudi National Bank (SNB)

Saudi Arabia $75 billion

Saudi Arabia $56.4 billion

3 QNB Group Qatar $42.8 billion

4 First Abu Dhabi Bank (FAB) U.A.E. $42.4 billion

5 Kuwait Finance House (KFH) Kuwait $37.5 billion

Established as an exchange house in 1957 and converted to a bank in 1988, Al Rajhi is the largest bank in the region in terms of market cap.

SNB’s net profit hit $5 billion in 2022, an increase of 46.5% compared to 2021, with over 12.2 million customers across eight countries.

In 2022, QNB’s assets hit $326.7 billion, with net profits of $4 billion, an increase of 9% compared to 2021. It employs 28,000 people serving over 27 million customers.

In 2022, FAB had total assets worth $302.5 billion, and it facilitated over $7 billion in financing for sustainable projects across the energy, buildings, transportation, waste, water, and food sectors.

In 2022, KFH acquired Ahli United Bank Bahrain for $10.9 billion, bringing its total assets to $120.7 billion, up from $71.4 billion in 2021. It has operations in 10 countries with 631 branches.