Forbes Middle East has revealed its ‘30 Most Valuable Banks’ ranking, featuring the resilient, profitable, and customer-centric banking titans in the region.

As of February 23, 2024, the 30 banks had a combined value of US$581.1 billion, up 14 percent over the last 12 months. Gulf entities dominate this year’s ranking, with 26 of the 30 based in the GCC. The ranking represents banks from seven markets. Saudi Arabia makes up a third of the list with 10 entries, with an aggregate market value of $279.5 billion. The UAE follows with seven entries at a market value of $128.7 billion. Qatar placed third with six entries worth $73.6 billion.

Saudi-based alrajhi bank leads the 2024 list. Its market value climbed by $21.7 billion over the last 12 months to hit $96.6 billion. The bank recorded total assets worth $215.5 billion as of December 2023, with a net profit of $4.4 billion. Saudi National Bank and First Abu Dhabi Bank round up the top three with $68.2 billion and $41.5 billion in market value, respectively. Combined, these three giants amassed $206.3 billion in market value, constituting over 35 percent of the aggregate worth of the 30 banks on the ranking. Still, the total market cap of the region’s top three most valuable banks is less than the cumulative worth of the 10 Saudi banks on the list, worth $279.5 billion.

To construct the list, Forbes Middle East compiled data from Middle Eastern banks listed on stock exchanges in the Arab world and ranked companies based on their reported market value as of 23rd February, 2024. Listed subsidiaries of other listed companies were excluded.