Leading Mena banks give little ground in 2023
30 May 2023
The past year has seen significant upheavals in the ranking of the Middle East and North Africa (Mena) region’s largest listed banks due to a combination of market conditions, mergers, acquisitions and new listings, according to the 2023 MEED Top 100 companies list.
Weakening international investor sentiment amid higher interest rates, and concerns over the collapse of several US and Swiss banks, has perhaps been the most prominent factor in their performance.
In a trend largely independent of actual performance, which regional banks have generally improved in the 2022-23 fiscal year – both in terms of gross revenue and the bottom line – many banks have found their market values reduced, with banks in the MEED Top 100 companies list shedding more than $85bn in value.
Regional ranking
Despite this, Al-Rajhi Bank and Saudi National Bank, although temporarily diminished in overall market capitalisation, remain the top two banks in the region by value, as they were in 2022.
In third place now is QNB, having just edged ahead of First Abu Dhabi Bank in value terms. Fifth place is occupied by Kuwait Finance House, which has risen significantly in value over the past year through its full acquisition of Ahli United Bank in a share swap transaction, displacing Riyad Bank.
National Bank of Kuwait, Emirates NBD, Saudi Awwal Bank (formerly Saudi British Bank) and Alinma Bank remain in the same relative positions as last year.
Outside of the top 10 regional banks, two improvers have been Abu Dhabi Islamic Bank and Mashreq Bank, both of which have seen their market capitalisation rise by about $2.5bn. In the case of Abu Dhabi Islamic Bank, its performance rose after reporting a 55 per cent rise in profits in 2022 and a further 43 per cent rise in profits in the first quarter of 2023.
Mashreq Bank meanwhile announced a 270 per cent leap in its 2022 profits to $1bn, and a further 163 per cent surge in profits in the first quarter of 2023. Both banks have overtaken numerous peers in terms of equity market value.
Qatar’s Dukhan bank joined the MEED Top 100 for the first time as a newly listed bank, having joined the Qatar Stock Exchange with a direct listing in February 2023.
Several major regional banks fell short of the list, the bar for which rose significantly in 2023 to a market capitalisation of $3.7bn.
Middle East equities hold largely steady
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Safety and security matters
3 April 2026
Commentary
Colin Foreman
EditorRead the April issue of MEED Business Review
Employment and investment opportunities in a low or no-tax environment have been key attractions for people and businesses located in the GCC for decades. Another crucial factor has been safety and security.
That reputation has been tested by the missile and drone attacks that began on 28 February. Whether the GCC’s safe haven status has been damaged depends on perspective.
For some, the fact that attacks occurred fundamentally changes how the region is viewed. For others, the ability to absorb a serious shock, respond quickly, and keep daily life and businesses functioning demonstrates resilience.Any assessment of safety is also relative. Many people and businesses that relocate in the GCC do so not only for opportunity, but because of dissatisfaction elsewhere. Common reasons include limited economic prospects, high taxation, distrust in political leadership and concerns about personal safety. Even with the recent conflict, the GCC may still compare favourably for those considering these factors.
There is no doubt that missile and drone attacks are extremely dangerous, and the fear of further incidents can linger. Even if attacks are infrequent, the uncertainty matters. It can influence personal decisions, travel advice, and the cost of insurance and risk management. These perceptions will shape the region’s attractiveness.
Safety concerns vary. In many parts of the world, higher levels of crime are an everyday worry for residents and businesses. For some, the GCC may still feel like the better option, provided the current tensions do not become the new normal.
How this question is answered will play an important role in how the region’s economies perform in the period ahead. If confidence returns quickly and the risk is seen as contained and manageable, investment and hiring will likely rebound faster than many expect. If uncertainty persists or escalates, the road to recovery will be a long one.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click here
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Saudi forecast remains one of growth
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> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
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Dubai seeks consultants for Al-Khawaneej stormwater project
3 April 2026
Dubai Municipality has issued a consultancy tender to assess and upgrade the stormwater drainage system serving the Al-Khawaneej First residential district in northeastern Dubai.
The project, listed as TF-22-E1, covers the upgrading and rehabilitation of the stormwater system in the area. The tender has been issued by the municipality’s Sewerage and Recycled Water Projects Department.
The bid submission deadline is 23 April.
The works form part of Dubai’s wider efforts to strengthen flood resilience and support sustainable urban infrastructure development.
Two separate consultancy tenders were issued in March as part of a broader review of the emirate’s water and wastewater infrastructure to support future population growth.
One involves a study to develop a sustainable urban drainage systems strategy across the emirate. The other covers a review of the emirate’s sewage treatment and recycled water distribution strategy.
The Al-Khawaneej First consultancy role will include data collection, site investigations and an assessment of existing drainage conditions.
Additionally, the consultant will be required to identify flooding hotspots and evaluate the performance of the current system.
The project covers the preparation of preliminary and detailed designs, tender documents and construction packages as well as construction supervision through to project handover.
The municipality added that integrated drainage solutions are to be developed as part of the package, including sustainable drainage systems (SuDS) and nature-based approaches to address current and future stormwater demand.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
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Developer plans two residential schemes in Saudi Arabia
3 April 2026
Saudi developer Alramz Real Estate is planning two new residential developments in Jeddah and Riyadh.
In a Tadawul filing on 31 March, Alramz said it had signed an agreement with Oud Capital to establish a sharia-compliant real estate investment fund to develop the Alramz Front project in Jeddah’s Al-Firdous district.
The fund is targeting approximately SR650m ($173m), with Alramz committing about SR81.6m. The company will also contribute land totalling around 47,800 square metres, valued at SR215m, as an in-kind contribution.
The project is expected to deliver nearly 900 residential units. Alramz will serve as developer and exclusive marketer under a development contract valued at about SR269m.
Separately, Alramz said it had acquired mixed-use plots in Riyadh’s Al-Malqa district for SR94.6m. The 8,600 sq m site will be developed into a residential scheme comprising approximately 135 apartments.
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Oman’s Nama PWP tenders consultancy contract
3 April 2026
Oman’s Nama Power & Water Procurement Company (Nama PWP) has opened a tender for the provision of environmental, social and governance (ESG) reporting consultancy services.
The tender seeks proposals from interested parties to support the utility in assessing its ESG maturity and identifying gaps against the Oman Investment Authority’s ESG guidelines.
The deadline for firms to submit offers is 10 May.
According to the tender notice, the selected consultant will develop the required ESG policies, strategy, report and implementation roadmap.
Nama PWP, part of Nama Group, said the scope of work is intended to support the company’s wider ESG framework as it continues to procure new power and water capacity in Oman.
The utility also recently opened a tender seeking proposals from qualified law firms to provide legal consultancy services in Oman.
The selected firms will be included on a panel and engaged on an as-needed basis. They will deliver legal advisory services across a range of matters relevant to Nama PWP’s business.
The deadline for firms to submit offers is 21 April.
In March, the state utility released its latest seven-year plan outlining the rapid expansion of solar and wind projects.
It expects the renewable energy share of Oman’s power generation mix to increase steadily across the period, reaching 16% in 2028 and 21% in 2029 before rising to 30% in 2030. This compares to about 4% in 2024.
The pipeline includes a series of large-scale independent power projects scheduled for delivery between 2027 and 2031.
Solar photovoltaic capacity in the sultanate is projected to rise from 1.54GW in 2024 to 23.26GW by 2031. Wind capacity is expected to grow from 120MW to 6.75GW,
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