The Arab banking sector showcases its strength and diversity in the 2023 rankings of the 100 strongest banks, which are evaluated based on tier-1 capital, assets, and financial resilience. The rankings reveal not only the financial power of individual institutions but also the contributions of various countries across the Arab world.
The United Arab Emirates (UAE), Egypt, and Saudi Arabia lead the pack with the highest number of banks featured, reflecting their dominance in the region. UAE claims the top spot with 18 banks on the list, followed by Egypt with 12 banks, and Saudi Arabia with 11 banks. Lebanon despite its ongoing economic struggles, maintain 2 banks in the rankings, a testament to its historically strong financial sector.
The eleven Saudi banks included in the list topped the list in terms of their total tier-1 capital, which amounted to $139.6 billion, followed by UAE banks with about $112.2 billion, then Qatar banks with $59 billion, succeeded by Kuwait with $35.6 billion, Egypt with $28.5 billion, then Bahrain banks with about $18.8 billion.
As for total assets, the Emirati banks came in first with total assets of nearly $1.1 trillion, followed by the Saudi banks with approximately a trillion dollars, the Qatari banks with about $573 billion, and the Egyptian banks with roughly $390 billion.
Table 1: The distribution of the 100 strongest banks according to tier-1 capital among Arab countries
| Countries | Number of Banks | Sum of Tier-1 Capital (Million USD) | Sum of Assets (Million USD) | Tier-1 Capital/Assets in % |
| UAE | 18 | 112,232 | 1,090,225 | 10.3 |
| Egypt | 12 | 28,497 | 389,959 | 7.3 |
| Saudi Arabia | 11 | 139,574 | 999,652 | 14.0 |
| Bahrain | 9 | 18,780 | 190,465 | 9.9 |
| Jordan | 9 | 13,320 | 131,321 | 10.1 |
| Qatar | 8 | 59,000 | 573,208 | 10.3 |
| Morocco | 8 | 18,002 | 211,898 | 8.5 |
| Kuwait | 7 | 35,624 | 336,633 | 10.6 |
| Oman | 7 | 14,032 | 100,951 | 13.9 |
| Tunisia | 6 | 3,138 | 31,217 | 10.1 |
| Lebanon | 2 | 2,522 | 37,133 | 6.8 |
| Palestine | 1 | 522 | 6,487 | 8.0 |
| Algeria | 2 | 6,620 | 62,200 | 10.6 |
| Total | 100 | 451,863 | 4,161,349 | 10.9 |
Source: Union of Arab Banks, Research and Studies Department, based on data from The Banker magazine, September 2024.
The Saudi National Bank topped all Arab banks with a tier-1 capital of $36.4 billion, and recorded total assets of $276.6 billion. Qatar National Bank follows with a tier-1 capital of $28.7 billion and total assets of $338.2 billion, then Al Rajhi Bank in Saudi with $28.3 billion, and $215.5 billion in total assets, preceded by Emirates NBD with $26.2 billion, and a total of $234.9 billion in assets. These banks, along with others in the Gulf Cooperation Council (GCC), highlight the financial concentration in the GCC region, where the majority of wealth and banking power resides. The top ten banks report a tier-1 capital totaling $215.1 billion and total assets amounting to $1.98 trillion.
Lebanese banks such as Bank Audi and Byblos Bank, remain present in the rankings despite the country’s financial crisis. Bank Audi reports a tier-1 capital of $1.4 billion and total assets of $18.6 billion, while Byblos Bank holds a tier-1 capital of $1.08 billion with total assets of $18.6 billion as well. Together, the two Lebanese banks in the rankings reflect relative resilience of Lebanon’s banking sector, even as it navigates unprecedented economic challenges.
It is also interesting to note that twenty-one Islamic banks are included in the list of the 100 strongest Arab banks in the year 2023.
The combined tier-1 capital of the 100 strongest Arab banks aggregates $451.9 billion, with total assets surpassing $4.16 trillion. Saudi Arabia and the UAE collectively contribute over $251.8 billion in tier-1 capital, cementing their leadership in the region. Egypt with 12 banks, also demonstrates significant growth, signaling the diversification of banking power beyond the GCC. Countries like Jordan and Morocco contribute fewer banks but remain important players in the Arab financial landscape.
By: Jana Boumatar
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