While the Middle East’s stock markets have been facing increasing uncertainty, and the region’s top 100 listed companies saw a 5.1% decrease in sales from $1.1 trillion in 2022 to $1 trillion in 2023, the banking sector has proved to be resilient to challenges, supported by higher interest rates and oil prices.
The aggregate market cap of the 30 most valuable banks in the Middle East grew by 14% in the year leading up to February 2024, hitting $581.1 billion. Saudi’s arab national bank (anb) has been among the top performers, seeing its profits grow by 20.1% to $658 million in H1 2024, compared to the same period in 2023. In 2023, anb recorded profits of $1.1 billion, the highest in its history.
Obaid Alrasheed, Managing Director and CEO of anb, has been at the helm of the bank since 2021, focusing on improving operations, resource management, competitiveness, and digitization. “Our performance is a natural result of our strategic efforts to enhance our presence and role in Saudi’s banking sector,” says the Saudi national.
anb was formed in 1979 when the Saudi government took over the operations of Jordan’s biggest bank, the Arab Bank, in Saudi Arabia by royal decree. Arab Bank is still the biggest shareholder in anb, with a 40% stake in the company. When anb was formed it had just six branches; today it has over 124 serving over two million customers. The bank was listed on Saudi’s stock exchange (Tadawul) in 1979 and had a market value of about $11.4 billion as of July 2024. Around 48% of its operating income comes from retail banking, with corporate banking contributing 37% and Treasury operations contributing 7%.
This story is from the August 2024 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2024 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
Supercharging AI
Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
MENA's 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.
