Bahrain Leads Way in Arabia's Banking Boom

The banking and finance industry dominates the list of top companies in Arabia, according to TIME Magazine and Statista's rankings. With 15.5% representation, this sector is the most prominent among the listed companies.

Bahrain was a pioneer in developing its financial services sector, allowing private equity funds like Investcorp to thrive. Investcorp connected Gulf institutions with global business opportunities, and Bahrain-headquartered Investcorp spun out Investcorp Capital (no. 84 overall) in an IPO on the Abu Dhabi stock exchange in 2023.

The state-owned Mubadala Investment Company is First Abu Dhabi Bank's largest shareholder. State activity and investment have driven the expansion of the real estate industry as well as the development of giga-projects, with these projects described as 'big business' by experts. GCC banks tend to be more profitable than their global peers due to factors such as good oil prices, stable domestic deposits, and ambitious public investment programs, according to a 2024 McKinsey report.