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Saudi, UAE banks most valued in Middle East: Forbes

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dubai – Saudi Arabia tops the list In the Middle East and North Africa (MENA) list of the 50 most valuable banks for 2023, the region bore the burden of Western bank failures and rising inflation last month, according to a report released on Monday.

According to “Forbes” Middle East’s 50 Most Valuable Banks 2023 list, as of February 28, the total market value of the 50 banks in the ranking reached 548 billion US dollars.

Of the 22 countries in the region, 10 appear on the list. Banks from the Gulf Cooperation Council (GCC) took the lion’s share, accounting for 82 percent of the ranking.

Saudi Arabia has 10 banks with a combined value of $223.5 billion, the United Arab Emirates (UAE) has 10 banks with a combined value of $121.2 billion, Qatar has eight banks with a combined value of $81.3 billion, and Kuwait has seven banks with a combined value of $121.2 billion. to $76.2 billion.

Here are the top 10 banks in the Middle East and North Africa (MENA) region by market capitalization:

1- Al Rajhi Bank – $75 billion

2 – National Bank of Saudi Arabia – $56.4 billion

3- Qatar National Bank Group – $42.8 billion

4- First Abu Dhabi Bank – $42.4 billion

5- Kuwait Financial Tower – $37.5 billion

6. National Bank of Kuwait – $26.3 billion

7. UAE National Bank, Dubai – $23.4 billion

8. Bank of Riyadh – $20.8 billion

9. Saudi British Bank – $18.2 billion

10 – Abu Dhabi Commercial Bank – $15.9 billion

With four, Morocco is the non-GCC country with the most banks on the list, with a combined value of $17.75 billion. Jordan follows with 3 banks worth $6.89 billion, Egypt and Tunisia tie for third with 1 bank worth $5.2 billion and $1 billion respectively.

The Forbes Middle East’s 50 Most Valuable Banks 2023 list also includes three female CEOs, with Group CEO Hana Al Rostamani leading No. 1 Abu Dhabi Bank in No. 4 and Randa Sadik as CEO of Jordan Arab Bank Ranked 25th, Elham Yousry Mahfouz at the helm of Kuwait Commercial Bank ranked 33rd.

Forbes Middle East said it pooled data from stock exchanges in the Arab world to create the ranking of MENA countries, but did not specify whether this took countries including Turkey, Israel or Iran into account.

It also said the data collected was limited to the end of February, so the value does not represent the impact of San Francisco. Silicon Valley Bank collapses The impact on the region, nor the impact of the collapse of the Swiss economy credit suisse Among them, the National Bank of Saudi Arabia (ranked second) invested billions of dollars.



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