KSA’s Al-Rajhi Bank and Saudi National Bank named the largest banks in the Middle East region RIYADH: Saudi Arabia’s Al-Rajhi Bank and Saudi National Bank have been named the largest banks in the Middle East region with a market cap of $75 billion and $56.4 billion respectively, according to a new report by Forbes. Qatar National Bank Group garnered the third spot in this list with a market cap of $42.8 billion, followed by First Abu Dhabi Bank with a market value of $42.4 billion. Kuwait Finance House bagged the fifth spot on the list with an aggregate market value of $37.5 billion. Forbes Middle East compiled this list of the 50 most valuable banks in the Middle East and North Africa region based on their reported market values as of Feb. 28, 2023. According to the report, these 50 banks have an aggregate market value of $548.1 billion. The report pointed out that the top three banks in this list have a collective market cap of $174.2 billion, accounting for nearly 32 percent of the total list. In the Forbes’ ranking, Saudi Arabia and the UAE are home to the most banks on the list, with 10 entries each, constituting 40 percent of the ranking. FASTFACT Saudi Arabia’s 10 most valuable banks have an aggregate market value of $223.5 billion, while the 10 banks in the UAE included in the list are worth $121.2 billion. Saudi Arabia’s 10 most valuable banks have an aggregate market value of $223.5 billion, while the 10 banks in the UAE included in the list are worth $121.2 billion. The report added that Qatar’s eight banks in this list are worth $81.3 billion. Seven banks from Kuwait too made their way to this list with a collective market value of $76.2 billion. Four banks from Morocco, two from Oman, three from Jordan, two from Bahrain, and one bank each from Egypt and Tunisia are also included in this list released by Forbes. The report also added that banks in the region are backing sustainable finance investments and securing deals to boost energy-efficient customer offerings. Al-Rajhi Bank, which is now the largest bank in the region, also had significant growth in its net profit last year. Exceeding analysts’ estimates, the bank reported net profit of $4.57 billion in 2022, up from $3.93 billion in 2021. Abdullah bin Sulaiman Al-Rajhi, chairman of the board of directors, said that the bank continued to grow at all levels and achieved its strategic goals based on customer loyalty, investor confidence and the professionalism of its employees. Founded in 1957, Al Rajhi Bank is a major investor in Saudi Arabia and is one of the major joint stock firms in the Kingdom.