FAB emerges as Mena’s third-largest banking giant with $41.54b market cap

The UAE’s banking giant, First Abu Dhabi Bank (FAB), climbed to third place in market value in the Middle East and Africa region, edging past competitors with a modest 0.6 per cent rise in market cap to $41.54 billion.

According to the latest analysis by S&P Global Market Intelligence, the combined market capitalisation of the top 20 banks in the region stood at $599.96 billion by the end of March — a testament to the sector’s enduring strength amid shifting economic tides.

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Other leading UAE banks included in the region’s top 20 financial giants’ ranking included Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Dubai Islamic Bank.

The financial powerhouses of the Middle East and Africa have shown both resilience and dynamism in the first quarter of 2025, with Saudi Arabia’s banking giants continuing their dominance while Morocco’s Attijariwafa Bank  

Saudi Arabia’s Al Rajhi Banking & Investment Corp. and Saudi National Bank (SNB) retained their iron grip on the top two spots, reinforcing the kingdom’s financial supremacy in the region. However, the battle for the next tier saw notable shifts.

While FAB climbed to third place, edging past competitors with a modest 0.6 per cent rise in market cap to $41.54 billion, Kuwait Finance House ascended to fourth.  

The most dramatic slide came from Qatar National Bank (QNB), which tumbled two places to fifth after a 6.9 per cent drop in market value, settling at $40.85 billion. The decline underscores the challenges facing even the region’s most established players in a volatile economic climate.  

But the real story of growth came from North Africa. Attijariwafa Bank, Morocco’s financial heavyweight, stunned markets with a remarkable 23 per cent surge in market cap, reaching $14.67 billion—propelling it to 18th place after years outside the top 20. This resurgence highlights Morocco’s rising influence in the regional banking landscape.  

The quarter also saw strong performances from National Bank of Kuwait and Abu Dhabi Islamic Bank, which posted impressive gains of 17 per cent and 16.1 per cent, respectively, reflecting robust investor confidence in their growth strategies.  

According to analysts, the latest rankings reveal a fascinating mix of stability and ambition. “While Saudi banks remain unchallenged at the summit, the rapid ascent of players like Morocco’s Attijariwafa signals a shifting balance of power — one that could redefine the region’s banking hierarchy in the years to come,” an analyst said.

Issac John

Staff Writer

issacjohn@khaleejtimes.com

Issac John is Managing Editor at Khaleej Times and has over 45 years of experience in top-tier newspapers across UAE. A seasoned business writer and economic analyst, he brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India.