Leading bank brands the Middle East 2023

The top ten banks in the Middle East in 2023 were situated in the Gulf Cooperation Council (GCC), with a brand value ranging from 1.22 billion to 7.66 billion U.S. dollars. Qatar National Bank (QNB) lead the list of Middle East banks, seeing an 8.6 percent growth in brand value over the previous year.

The banking industry in the GCC

The banking industry in the region has made strides in recent years, as shown by the net income of banks in the GCC. This strong performance has extended to both conventional and Islamic banking assets in the GCC in recent quarters. There has been a correlation between the banks with the leading brand value and the countries with the leading commercial banking assets in the GCC. Additionally, banks in the region have been persistent in keeping up with new digital technologies and changing consumer habits. To that end, Riyad Bank in Saudi Arabia, and Mashreq Bank in Dubai both underwent a comprehensive rebranding to appeal to a wider, younger, and more tech-savvy audience. Al-Rajhi Bank, which is the largest bank in the Middle East region, with a Bank Strength Index (BSI) of 86 out of 100, has also revamped its online banking and mobile application platforms.

State of the economy

The banking sector's performance is a good indicator of the overall health and trajectory of the economy. The UAE and Saudi Arabia have fared well in terms of the value of foreign direct investments in the GCC throughout the years. The UAE has been the financial and tech hub of the GCC for many years, With its highly serviced based economy, and an attractive destination for not only tourists, it also has provided many incentives for foreign companies and startups to set up offices. In an effort to replicate the success of the UAE, Saudi Arabia has rolled out Vision 2030 with the hopes of diversifying its economy. Therefore invested in a broad range of sectors from tourism to education, healthcare, technology, and renewable energy in addition to major investments in the financial sector. Furthermore, the project aims to make key improvements in various social development projects by 2030.