Thanks to the steadier and more cautious pace of Middle East’s financial industry, the region’s banks escaped, for the most part, unscathed from the global financial crisis. However, that is not to say the region was invincible to the downturn. Several Arab banks have experienced a decline in profits since 2008.

On a more positive note, the Middle East’s financial industry is one of the few in the world that has experienced continuous growth since the financial crisis. Indeed Arab banks show no sign of ceasing their rapid expansion.

The GCC’s banks remain major contributors to regional industry growth, having 58 banks listed in the top 100. Emirates NBD ranked first (growth of 11.3%) in the top 10 banks by assets followed by eight other GCC based banks with Arab Bank, Jordan the only non-GCC bank on the list.

In terms of a single market, Saudi Arabia continues to boast the largest financial sector of the region. Saudi’s sector alone makes up almost 30% of the top 100 total capital. The Kingdom is home to not only one, but two of the most profitable Arab banks. However, Saudi faces some competition for its place as number one (financial sector size) as the UAE has become a serious contender. The UAE’s banks now contribute to 23.3% of total Tier 1 capital, which is only approximately 4% less than Saudi Arabia’s banks.