MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices. According to Fitch Ratings’ 2024 outlook report, rising interest rates and oil prices will support overall solid economic conditions for the Middle East and maintain reasonable levels of liquidity, profitability, and adequate capital buffers in most GCC banking systems in 2024.

Our 2024 list of MENA’s 30 most valuable banks features entities from seven markets, with 26 entries being Gulf-based. The aggregate market value of the 30 most valuable banks has grown by 14% over the last 12 months, hitting $581.1 billion as of February 23, 2024.

Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of $279.5 billion. The U.A.E. follows with seven entries at a market value of $128.7 billion. Qatar has six entries worth $73.6 billion, and Morocco and Kuwait have three and two banks valued at $20.7 billion and $65.5 billion, respectively.

alrajhi bank continues to top the list, having seen its market value grow by $21.7 billion over the last 12 months to hit $96.6 billion. Saudi National Bank and First Abu Dhabi Bank follow with $68.2 billion and $41.5 billion in market value.