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Saudi, UAE banks rank highest valued in Middle East: Forbes

Gulf Cooperation Council (GCC) countries took 41 places, or 82%, of the list of the 50 highest-valued banks in the Middle East and North Africa.

Salim A. Essaid
Salim A. Essaid
Apr 10, 2023
This picture taken on March 23, 2023 shows a view of Dubai's landmark Burj Khalifa skyscraper, the world's tallest building, on the first day of the Muslim holy fasting month of Ramadan. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)
This picture taken on March 23, 2023, shows a view of Dubai's landmark Burj Khalifa skyscraper, the world's tallest building, on the first day of the Muslim holy fasting month of Ramadan. — GIUSEPPE CACACE/AFP via Getty Images

DUBAI — Saudi Arabia took the top spot in the Middle East and North Africa’s (MENA) 2023 list of 50 highest-valued banks, according to a report released on Monday, as the region withstood the burden of Western bank collapses and inflation hikes last month. 

The 50 banks featured in the ranking held an aggregate market value of $548 billion as of Feb. 28, according to Forbes Middle East’s 50 Most Valuable Banks 2023 list.

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