Mubasher: Gulf banks dominated Forbes Middle East’s ranking of the Middle East’s Top 30 Banks 2022, with 25 out of the 30 based in the GCC.

Saudi Arabia and the UAE were the most represented countries on the list, with 10 and seven banks, respectively. Qatar followed with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each, according to a press release on Sunday.

As of 28 June 2022, the 30 banks had a total market value of $586.6 billion and total assets of $2.5 trillion.

Qatar’s QNB Group grabbed the top spot for the second year in a row with total assets of $300.3 billion. The UAE’s FAB, Saudi’s Al Rajhi Bank, and Saudi National Bank (SNB) followed in a three-way tie for second place. UAE-based Emirates NBD rounds up the top five. Combined, these five had $16.8 billion in last year's profits, representing 49% of the total profits of the 30 banks on the list.

Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.