The Big Numbers Race: Al Rajhi vs ADCB in a Saudi-UAE battle for MENA’s top five

The competitive landscape among the Middle East and North Africa’s (MENA) largest banks continues to shift as growth rates diverge, reshaping the race for leading positions from one period to the next.

In the latest move, Abu Dhabi Commercial Bank (ADCB) climbed to sixth place by total assets at end-June 2026 after overtaking Ziraat Bankası.

With ADCB moving into sixth place, fifth-ranked Al Rajhi Bank became its closest competitor in the ranking, opening a new front in the competition between the two banks, particularly given the differences in their scale of operations and growth rates.

June 2026 data show Al Rajhi Bank maintaining a clear advantage in scale, with total assets reaching USD 280.73bn at end-June 2026, compared with USD 226.86bn for ADCB.

This advantage also extends to the deposit base, which stood at USD 183.21bn for Al Rajhi Bank, compared with USD 143.39bn for ADCB at end-June 2026, reflecting Al Rajhi’s broader funding base relative to the UAE bank.

In lending, the gap widens further in favour of Al Rajhi Bank, with net loans to customers reaching USD 202.84bn at end-June 2026, compared with USD 121.05bn for ADCB at the end of the same period.

When the focus shifts from current scale to the three-year growth trajectory, from 2023 to June 2026, the picture changes. ADCB grew faster across the main indicators, with total assets rising 46.9 per cent, compared with 30.3 per cent for Al Rajhi Bank.

This narrowed the gap between the two from USD 61.07bn in 2023 to USD 53.87bn at end-June 2026.

ADCB also outpaced Al Rajhi Bank in deposit growth, with deposits rising 45.1 per cent over the period, compared with 19.9 per cent for Al Rajhi Bank over the past three years.

This narrowed the gap between them from USD 54.02bn in 2023 to USD 39.82bn at end-June 2026. This reflects ADCB’s ability to expand its funding base at a faster pace, bringing it closer to Al Rajhi Bank on this measure.

Yet faster growth did not narrow the lending gap. Although ADCB’s net loans rose 47.2 per cent over the past three years, compared with 28 per cent for Al Rajhi Bank, the gap widened from USD 76.23bn in 2023 to USD 81.78bn at end-June 2026.

This indicates that Al Rajhi Bank’s larger lending base remained a decisive factor in maintaining the wider gap despite the UAE bank’s faster growth.

When the focus shifts from business scale to profitability, the advantage returns clearly to Al Rajhi Bank, which recorded net profit of USD 3.67bn in the first half of 2026, compared with USD 1.83bn for ADCB during the same period.

Al Rajhi Bank also recorded a return on assets of 2.63 per cent, compared with 1.68 per cent for the UAE bank, while return on equity stood at 18.65 per cent, compared with 15.14 per cent in the first half of 2026, reflecting the Saudi bank’s stronger profitability and return indicators.

Al Rajhi Bank’s advantage is also evident in its capital base, which reached USD 15.97bn at end-June 2026, compared with around USD 2.15bn for ADCB, giving the Saudi bank a broader capital base that corresponds with the current scale of its operations and supports its ability to absorb further expansion.

The competition between the two banks has therefore entered a new phase. Al Rajhi Bank continues to hold a clear lead in the size of its main financial portfolios, alongside stronger profitability and a larger capital base, while ADCB has built stronger growth momentum, enabling it to overtake Ziraat Bankası and climb to sixth place.

The question now is whether ADCB can sustain that momentum and close the gap with Al Rajhi Bank to challenge for fifth place, or whether the Saudi bank will retain its position. The next phase of competition will provide the answer.