Saudi Arabia dominates Forbes' 2025 list of MENA's most valuable banks

20/03/2025 21:07 AST

Saudi Arabia dominated Forbes' "30 Most Valuable Banks 2025" ranking, with 10 entries boasting a combined market value of $269 billion.

According to the business-focused media outlet, financial institutions from the Kingdom made up nearly a third of the total $600.8 billion market capitalization of the listed banks.

The UAE followed with seven facilities valued at $153.4 billion, while Qatar contributed six banks worth $76.7 billion. Morocco and Kuwait placed three and two banks on the list, with market values of $23.7 billion and $68.4 billion, respectively.

The Middle East and North Africa region's banking sector remains resilient and is set for strong growth in 2025, driven by economic diversification, favorable financial conditions, and a projected 3.5 percent economic expansion fueled by infrastructure projects and rising non-oil activity, according to a recent report by Ernst & Young.

In a statement announcing its latest rankings, Forbes said: "This year's list features banks from seven countries, with 26 entries being Gulf-based. Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of $269 billion."

The media firm noted that the total market value of the 30 banks increased by 3.4 percent year over year, rising from $581.1 billion in February 2024 to $600.8 billion as of Jan. 31, 2025.

Al-Rajhi Bank holds the top spot
Al-Rajhi Bank retained its position as the region's most valuable bank, leading with a market capitalization of $105.6 billion - representing 17.6 percent of the total market value of the 30 banks.

It was followed by Saudi National Bank at $54.7 billion, and the UAE's First Abu Dhabi Bank, valued at $43.7 billion.

Beyond the top three, Qatar's QNB Group and Kuwait Finance House ranked fourth and fifth, with market values of $41.2 billion and $38.3 billion, respectively.

They were followed by the UAE's Emirates NBD Group at $28.9 billion and Kuwait's National Bank of Kuwait at $27.1 billion.

Other notable banks in the ranking include Abu Dhabi Commercial Bank and Riyad Bank. The list also features banks from Morocco and Oman.

A resilient sector
MENA's banking sector has shown stability over the past year, supported by higher interest rates and robust oil prices.

According to a Fitch Ratings report published in 2024, the economic environment in the region has sustained liquidity levels, profitability, and strong capital buffers for most Gulf Cooperation Council banks.

Forbes Middle East compiled the ranking based on reported market values of publicly listed banks across the Arab world as of Jan. 31, 2025. Subsidiaries of listed companies were excluded from the ranking, and currency exchange rates were taken as of the same date.