First Bank’s Ranking of the Top 20 Banks in the Arabian Gulf

QNB Tops GCC Banks with Assets Exceeding USD 356.13 Billion, While FAB Ranks Second at USD 330.35 Billion

Saudi National Bank secures third place with total assets of USD 293.89 billion, while Emirates NBD and Al Rajhi Bank claim fourth and fifth positions with USD 271.36 billion and USD 259.35 billion in assets, respectively.

Saudi Arabia dominates the ranking with 7 banks, followed by the UAE with 6 institutions. Qatar captures 4 spots, Kuwait holds 2, while Bahrain appears with only one entry, and Oman is absent from the list.

The banking sector across the GCC remains a cornerstone of the region’s economies, playing a pivotal role in financing development plans and maintaining financial stability.

This role has been increasingly evident in recent years, as GCC banks achieved notable growth in total assets—driven by expanded lending activities and diversified investments—solidifying their position as strategic pillars in the regional economic landscape.

In this context, First Bank highlights the Top 20 Banks in the GCC by total assets at the end of 2024, a benchmark widely regarded as the most consistent and comprehensive measure of financial strength, reflecting banks’ lending capacity, investment power, and resilience to crises.

The banks were ranked in descending order based on officially disclosed total assets in USD to ensure comparability, with only institutions meeting minimum transparency and disclosure standards included. Banks lacking official data were excluded.

The ranking revealed Saudi Arabia’s strong presence with 7 banks, followed by the United Arab Emirates with 6, underscoring the robustness and competitiveness of both countries’ financial systems. Qatar secured 4 positions, Kuwait 2, Bahrain 1, while Oman was absent due to the relatively smaller size of its banking sector compared to peers.

Leading the list, Qatar National Bank (QNB) ranked first in the GCC with assets exceeding USD 356.13 billion by the end of 2024. First Abu Dhabi Bank (FAB) followed in second place regionally and first among UAE banks, with USD 330.35 billion in assets.

Saudi National Bank (SNB) came third in the GCC and first in Saudi Arabia with USD 293.89 billion in assets. Next, Emirates NBD secured fourth place regionally and second in the UAE with USD 271.36 billion.

 Al Rajhi Bank in fifth place regionally and second in Saudi Arabia with USD 259.35 billion in total assets.

Abu Dhabi Commercial Bank (ADCB) ranked sixth regionally and third in the UAE with assets of USD 177.73 billion.

Kuwait Finance House (KFH) claimed seventh place regionally and first in Kuwait with assets of USD 146.30 billion by year-end 2024, supported by its acquisition of Ahli United Bank. National Bank of Kuwait (NBK) followed in eighth place regionally and second in Kuwait with USD 130.97 billion in assets.

Riyad Bank ranked ninth in the GCC and third in Saudi Arabia, with total assets reaching USD 119.88 billion, while Saudi Awwal Bank (SAB) closed the top ten, ranking fourth in Saudi Arabia and tenth regionally with USD 106.32 billion in assets by the end of 2024.