The Middle Eastern banking sector has not had a particularly positive 12 months. In 2010, following regional crises concerning Dubai World and the defaults by Saudi business conglomerates, 90 banks from the region made it into the Top 1000 rankings – this year, that figure slumped to just 83. Globally, the region now accounts for 3.32% of total Tier 1 capital for the 1000 banks in this year's rankings, down from 3.58%.
Banks based in the Gulf Co-operation Council (GCC) states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – remained dominant, accounting for 54 of the total Middle Eastern banks in the overall ranking and, more strikingly, 19 of the regional top 25. Gulf-based banks boasted stronger growth too, with only two Lebanese and one Iranian bank in the 10 highest movers.
