Saudi banks dominate MENA ranking on annual Forbes list
The UAE came in second and third while Riyadh-based Al-Rajhi Bank was the region’s most valuable lender, with a market value of $106 billion
Abdullah Al-Eisa/Getty Images
Al Rajhi Bank headquarters in Riyadh
While Saudi Arabia leads the Gulf in oil production, it’s also the region’s biggest banker.
The kingdom hosts 10 of the 30 largest lenders in the Middle East and North Africa, with a combined market value of $269 billion, according to Forbes’ annual ranking.
Riyadh-based Al Rajhi Bank was the region’s most valuable bank, with a market capitalization of $106 billion. Trailing Saudi Arabia in the rankings were the UAE in second place with seven banks valued at $153 billion, followed by Qatar in third place with six banks worth $77 billion.
Kuwait has two banks on the Forbes list with a combined worth of $68 billion, while Morocco’s three banks have a market value of $24 billion.