For the first time in a decade, Arab Bank was named the Middle East’s best bank in the Euromoney Awards for Excellence at a gala dinner at the Grosvenor House in Dubai on Wednesday.
This year’s awards demonstrated the growing importance of leading local banks in the region.
Euromoney’s editors recognised there are now a far greater number of Middle Eastern banks competing in multiple markets, rather than just their domestic bases. This was clearly illustrated by the fact that out of 11 regional awards announced on the night, seven went to banks based in the region and just four to global banks – the highest proportion in the Awards for Excellence’s 27-year history.
Commenting on Arab Bank’s win, Euromoney noted: “The shadow of litigation has lifted and it is now clear to see again what a strong bank this is, not just in its home market but across much of the region as well.