First Abu Dhabi Bank (FAB) has emerged as the third-largest banking institution in the Middle East and Africa, with a market capitalization of $41.54 billion. This advancement was marked by a modest increase of 0.6 percent in its market value, reflecting the bank’s competitive standing in a robust financial landscape.

The total market capitalization of the top 20 banks in the region reached $599.96 billion at the end of March, according to Khaleej Times. This figure underscores the banking sector’s resilience amid changing economic conditions.

Other prominent UAE banks in the top 20 ranking include Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Dubai Islamic Bank. Saudi Arabia’s banking sector maintained a strong presence, with Al Rajhi Banking & Investment Corp. and Saudi National Bank (SNB) holding the top two positions, further solidifying the kingdom’s financial dominance in the region.

While FAB’s rise to third place is noteworthy, Kuwait Finance House has reached fourth place. In contrast, Qatar National Bank (QNB) faced a significant setback, dropping two spots to fifth place after a 6.9 percent decline in its market value, which now stands at $40.85 billion. This decline highlights the challenges even well-established banks face in a volatile economic climate.

In a surprising development, Attijariwafa Bank of Morocco experienced a significant surge of 23 percent in its market capitalization, now valued at $14.67 billion. This growth has propelled it back into the top 20 rankings, demonstrating Morocco’s growing influence in the regional banking sector.

The quarter also saw positive performances from the National Bank of Kuwait and Abu Dhabi Islamic Bank, which reported gains of 17 percent and 16.1 percent, respectively. These figures reflect strong investor confidence and effective growth strategies.

Analysts suggest that the latest rankings illustrate a blend of stability and ambition in the banking sector. One analyst noted that while Saudi banks remain dominant, the rapid rise of institutions like Morocco’s Attijariwafa signals a potential shift in the regional banking hierarchy in future years.