The Forbes List Of 50 Largest Middle Eastern Banks Features 7 Kuwaiti Banks

In the Forbes Middle East list of 50 largest Middle Eastern banks in terms of market value for 2023, seven Kuwaiti banks were included, with a total market value of $76.2 billion, according to closings of February 28, which accounted for 13.9% of the $48.1 billion value of the 50 banks on this list.

With a market value of $37.5 billion, Kuwait Finance House ranked fifth on Forbes Middle East, followed by the National Bank of Kuwait sixth, with $26.3 billion, followed by the Commercial Bank of Kuwait in 33rd place, with a market value of $3.3 billion, according to Al-Rai.

Gulf Bank ranked 34th with $3.2 billion, Burgan Bank at 37th with $2.4 billion, Al-Ahli Bank of Kuwait at 40th with two billion dollars, and Warba Bank at 43rd with $1.5 billion.

As Forbes Middle East reported, the banking sector is facing a difficult year following the collapse of Silicon Valley Bank, while fears are growing of infection spreading to other banks, and low-cost deposits, without any link to influential dealings with American banks afflicted by the crisis.

"Moody's" report reveals that Gulf banks have a great deal of flexibility in dealing with the crisis of American banks, since they are supported by the governments of the region, which own significant stakes in most of them.

According to the report, Islamic finance has experienced rapid growth in the Gulf Cooperation Council countries, where deposits in Islamic banks are cheaper than in conventional banks, which promotes their profitability during times of high interest rates.

The Gulf banks dominate Forbes Middle East with 41 banks representing about 82 percent of the list, while Saudi Arabia and the UAE are the most represented with 10 banks each.

It was topped by Saudi Al-Rajhi Bank, with a market capitalization of $75 billion, followed by the National Bank of Saudi Arabia, with a market capitalization of $56.4 billion.

 

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