The top UAE stories for you this week, including the UAE’s richest banks, Ramadan and Eid dates announced and a new mystery shopper app you can be paid for.

Charts, coins, money, wealth

Who are the UAE and Saudi’s richest banks?

Forbes Middle East this week released its list of the top publicly-listed companies in the Arab world. Sabic, Saudi Telecom and QNB topped the list but where did the Gulf’s banks come? The richest bank in the UAE is the National Bank of Abu Dhabi, closely followed by FGB, while the richest bank in Saudi Arabia is Al Rajhi Bank.

UAE banks ranked by Forbes

Forbes rank Bank Market value Revenue Profits Assets
7 National Bank of Abu Dhabi $17.9bn $3.2bn $1.2bn $88.5bn
8 FGB $ 17.5bn $2.7bn $1.3bn $53.1bn
14 Emirates NBD $12. $4bn $781.6m $93.1bn
16 Abu Dhabi Commercial Bank $11.2bn $2.5bn $920.1m $49.9bn
27 Dubai Islamic Bank $6.8bn $1.3bn $438.6m $30.8bn

Saudi banks ranked by Forbes

Forbes rank Bank Market value Revenue Profits Assets
6 Al Rajhi Bank $30.1bn $4bn $2bn $74.6bn
12 Samba $ 13.7bn $2bn $1.2bn $54.7bn
13 Riyad Bank $13.9bn $2.2bn $1.1bn $54.7bn
15 Saudi British Bank $12.6bn $1.7bn $1bn $47.3bn
18 Banque Saudi Fransi $9.7bn $1.6bn $641.4m $45.3


Ramadan start date – official

Ramadan has been officially called for 29 June and will run until 29 July, the by the Sharjah Planetarium announced. The first day of Eid is therefore 29 July, Arafat Day will be on 3 October, Eid Al Adha on 4 October and Hijri New Year on 25 October. [7 DAYS]

Mystery shopper app launched in UAE

A new ‘mystery shopper’ app, ShopperInput was launched today in the UAE for shoppers to earn money to voice their opinions on customer service, product quality and placement. Shoppers can even provide pictures and videos as feedback. [ShopperInput]

Qatar has most millionaires in world; UAE in 12th place

The UAE has the 12th highest density of millionaires in the world, with 33 out of every 1,000 households being worth at least $1m, according to The Boston Consulting Group’s (BCG) 14th annual global wealth management report.

Qatar is top with 175 out of every 1,000 households (17.5 percent), Kuwait is fifth with 90 (nine percent), Bahrain sixth with 5.9 percent and Oman and Saudi Arabia 10th and 13th. [Khaleej Times]

Property booms ‘good’, says Damac

The MD of Damac says property booms are good for ‘wealth’ and the economy – despite the UAE Central Bank warning that the market is overheating.

Ziad El Chaar, the managing director of Damac Properties, told The National: “Property booms lift economic activity and are good for personal wealth levels. They generate income for the government and stimulate the multiplier effect for more investment in the property market.” [The National]