UAE Tops Forbes Middle East’s 2023 List of 50 Highest-Valued Banks in MENA Region Amid Western Bank Collapses and Inflation Hikes

 

UAE

According to a report released on Monday, the United Arab Emirates (UAE) took the top spot in the Middle East and North Africa's (MENA) 2023 list of the 50 highest-valued banks, with a combined market value of $548 billion as of Feb. 28. Forbes Middle East's 50 Most Valuable Banks 2023 list shows that 50 banks are featured in the ranking, with 10 countries from the region included.


Banks from the Gulf Cooperation Council (GCC) accounted for 82% of the rankings, demonstrating the region's stability despite the burden of Western bank collapses and inflation hikes in recent months. The UAE's banking sector is highly developed and has been ranked among the world's most innovative. The country's government has invested heavily in technology to create a sophisticated and efficient financial system that offers a wide range of services to customers.

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