[size=30]The banking sector dominates the list of the 10 most powerful companies in the Middle East... Which banks are in the lead?
Yes Iraq: Follow up
Forbes published its annual list of the 100 most powerful companies in the Middle East for the year 2022, while banks accounted for about 50 percent of the companies ranked among the 10 most powerful companies in the Middle East, followed by the industry and communications sectors with 11 companies each.
Within this report, Forbes released a table of the 5 largest banks in the region. According to the table, Qatar National Bank ranked the largest bank in the Middle East and Africa with a market value of $59.1 billion and the second largest company in the region M in terms of assets after Saudi Aramco.
The National Bank of Saudi Arabia was included in the table with a market value of $87.3 billion, and it is the largest bank in the Kingdom of Saudi Arabia, which was established through the merger of the National Commercial Bank and Samba Financial Group in April 2021.
As for the Saudi Al-Rajhi Bank, it is considered the largest bank in the region in terms of profits and a market value of $119.9 billion. Noting that it was established in 1957 as a money exchange company to be transformed into a bank in 1988.
Also, First Abu Dhabi Bank is the largest bank in the United Arab Emirates with a market value of $68.8 billion, through its merger with First Gulf Bank in 2016. It is followed by Emirates NBD with a market value of $25.8 billion, the bank that was established through the merger of Emirates International Bank and Dubai Bank National 2007.
It should be noted that the list was prepared based on information and data from the financial markets in the countries of the region, to classify companies according to market value, sales, total assets and net profits for the year 2021. Companies that did not disclose their consolidated and audited financial statements for the year 2021 were excluded, until April 20, 2022.