UAE and Saudi Arabia top Forbes' list of the 50 largest banks in the region

10 banks of the UAE and Saudi Arabia were included in the list of «Forbes». From the source

The UAE and Saudi Arabia topped Forbes Middle East's list of the 50 largest banks in the Middle East by market capitalization for 2023, with 10 banks each, and 10 markets across the region.

The market capitalization of the top 50 banks, in 10 markets across the region, was about $ 548.1 billion, as of market closes on February 28, 2023. It is dominated by Gulf banks with a total of 41 banks, representing about 82% of the list, while the UAE and Saudi Arabia make up 40% of the rating.

The total market capitalization of the top 10 Saudi banks was $223.5 billion, while the value of UAE banks on the list reached $121.2 billion, eight Qatari banks $81.3 billion and seven Kuwaitis $76.2 billion. Saudi Arabia's Al Rajhi Bank topped the list with a market capitalization of $75 billion, followed by the Saudi National Bank with $56.4 billion.

According to a report by ratings agency Moody's, Gulf banks are very resilient in the face of the US banking crisis, as they are supported by the region's governments, which hold mostly influential shares. The report pointed to the rapid growth of Islamic finance in the GCC, where the cost of deposits in Islamic banks is lower compared to conventional banks, which supports their profitability in times of high interest rates.