Saudi Arabia tops the latest Forbes ranking of the most valuable banks, boasting 10 entries valued at $279.50B (AED 1T).
These banks collectively hold a market value of $581.10B (AED 2.1T), marking a 14 per cent increase over the past year.
Al Rajhi Bank, Saudi National Bank (SNB), and First Abu Dhabi Bank (FAB) together account for $206.30B (AED 757B) in market value, representing more than 35 per cent of the total value of the 30 banks listed, according to Gulf News.
Interestingly, the combined market capitalisation of the top three most valuable banks in the region falls short of the total worth of the 10 Saudi banks on the list, valued at $279.50B (AED 1T).