In 2024, Forbes Middle East released a list of the 30 largest banks in the Middle East based on their market value. The magazine emphasized banks that play a crucial role in supporting the region’s economies, generate profits and prioritize customer service. Data was collected for banks across Arab financial markets and categorized based on their market value as of February 23, 2024.
The list comprises banks from seven countries in the region, with Gulf banks dominating the rankings. Seven Emirati banks made it to the list, with a combined market value of $129 billion. Saudi Arabia had the highest representation with 10 banks and a total market value of $279.5 billion, followed by six banks from Qatar valued at $73.6 billion. The total market value of all 30 banks on the list saw an increase of 14% over the past year, totaling $581.1 billion.
The seven Emirati banks included in the list are First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank Group, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Mashreq, and Dubai Commercial Bank. Each of these institutions plays a significant role in supporting economic growth and development in the region.
The banking sector in the Middle East is thriving, with banks experiencing significant growth in market value over the past year. The inclusion of seven Emirati banks on Forbes Middle East’s list further highlights the strength and vitality of the banking industry in Dubai and across the wider region.
In conclusion, Forbes Middle East’s list showcases that despite global economic challenges faced by many regions worldwide, some sectors continue to grow despite them all – like banking sectors! These lists provide valuable insights into how some companies adapt to changing economic environments while others falter or even collapse during challenging times such as recessions or global crises like COVID-19 pandemic
