Two UAE banks listed in the Middle East's Top 5

WAM

Forbes Middle East has unveiled its ranking of the Middle East’s Top 30 Banks 2022, recognising the region’s most resilient banking heavyweights that have emerged strongly from the pandemic.

For the second consecutive year, Qatar’s QNB Group tops the list with $300.3 billion in total assets.

The UAE’s First Abu Dhabi Bank, Saudi’s Al Rajhi Bank, and Saudi National Bank followed in a three-way tie for second place while UAE-based Emirates NBD rounded up the top five.

Combined, these five amassed $16.8 billion in 2021 profits, constituting 49% of the aggregate profits of the 30 banks on the list. 

As of June 28, 2022, the 30 banks had a total market value of $586.6 billion and assets worth $2.5 trillion. Gulf banks dominate this year’s ranking, with 25 out of the 30 based in the GCC.

Saudi Arabia and the UAE are the most represented countries on the list, with 10 and seven banks, respectively. Qatar follows with four banks, while Morocco has three.

To construct the list, Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.

More from Business

  • Emirates announces codeshare with AEGEAN

    Emirates has announced a new codeshare partnership with AEGEAN, allowing its customers to benefit from increased connectivity to eight domestic Greek points via Athens using a single ticket.

  • Gulf Air to start flights to RAK International

    Gulf Air, the national carrier of Bahrain, will commence scheduled services to Ras Al Khaimah on October 3.

  • China cuts key lending rates

    China's economy unexpectedly slowed in July, data showed on Monday, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis, while the central bank surprised markets with key lending rates cuts to revive demand.

  • Saudi Aramco unveils record $48.4 billion Q2 profit

    Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after the war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.

  • Potential hack for some Boeing planes fixed

    A digital vulnerability in the computer systems used on some Boeing aircraft that could have allowed malicious hackers to modify data and cause pilots to make dangerous miscalculations has been fixed.

Coming Up on Dubai Eye

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

  • Off Script with Chris, Robbie & Sonal

    5:00pm - 7:00pm

    The UAE’s alternative take on news, entertainment and sport. Join Chris, Robbie and Sonal as they cut through the clutter to bring you the news, entertainment and sport stories that actually matter.

BUSINESS BREAKFAST LATEST

On Dubai Eye