Pilot Launch of the D-MENA Bank CEO Composite™
Why launch an independent index now?
Banks across the Middle East and North Africa have entered a new phase in the global financial system—marked by larger cross-border capital flows, broader product suites, and market footprints, and a steadier expansion of sustainable finance programmes. This combination calls for an objective tool to track the executive leadership driving this shift and decode the balance of power among the region’s leading institutions. The D-MENA Bank CEO Composite™ is designed to do precisely that—offering a professional benchmark accessible to both general readers and specialists, grounded in verifiable public data and balancing “market view” with “operating scale.”
This pilot release draws on FY2024 results and the latest disclosures through Q3 2025. It aims to provide a disciplined snapshot of today’s executive landscape—and an early basis for interpreting 2026 trends—ahead of the full FY2025 edition scheduled for late January 2026.
Framework and methodology
The index rests on two equally weighted pillars:
- Market capitalisation — a proxy for investor confidence and expected future performance.
- Total assets — a measure of balance-sheet scale and operating capacity.
Each bank is regionally ranked on both pillars, and the composite score reflects the simple average of the two. A lower composite score indicates a higher CEO placement. Where scores are tied, the following tie-breakers are applied in order: tangible return on equity (tROE); core equity tier 1 (CET1) capital; 12-month total shareholder return (TSR); and credit-rating strength, where available. The index universe is limited to listed banks to ensure the market-capitalisation pillar is represented. All inputs are harmonised from published sources to ensure consistency and accuracy.
Pilot indicators (Q3-2025)
Preliminary results place Hanaa Al Rostamani (First Abu Dhabi Bank), Tareq Al-Sadhan (Saudi National Bank), and Abdullah Mubarak Al-Khalifa (QNB Group) in a close top tier. Their institutions combine strong market valuations with entrenched asset bases, putting their leadership at the forefront of the regional executive map. Waleed Abdullah Al-Mogbel (Al Rajhi Bank) follows in fourth, supported by the bank’s regional lead in market value and competitive asset scale; Shayne Nelson (Emirates NBD) ranks fifth with a balanced mix of strong assets and positive market appraisal.
The “Big Five”
Hanaa Al Rostamani — sustainability and international reach (FAB).
FAB’s ranking reflects a well-balanced mix of scale and valuation. The bank combines a large asset base with rising profitability and diversified income, while an active sustainable-finance platform—most recently the 2025 blue-bond issuance—has strengthened its profile and cost of capital. Al Rostamani, who became group CEO in early 2021 after senior roles across retail and as deputy group CEO, has overseen core digital transformation initiatives. She holds degrees from George Washington University in business and information management. FAB’s network spans 20+ markets across five continents. 9M 2025 net profit: AED 16.02bn (+24%).
Tareq Al-Sadhan — post-merger discipline and operating efficiency (SNB).
Investor confidence remains elevated as SNB consolidates the gains of the landmark AlAhli–Samba merger, with efficiency improvements feeding through to profitability and funding stability. Al-Sadhan took office in May 2024 after a long career at KPMG, followed by his tenure as CEO of Riyad Bank (2019–2024), alongside regulatory and advisory roles. He holds a BSc in accounting from King Saud University and an MBA from France. SNB operates across eight countries through branches and subsidiaries, extending its treasury and trade-finance reach. 9M 2025 net profit: SAR 18.6bn (+19.1%).
Abdullah Mubarak Al-Khalifa — asset heft and broad international footprint (QNB).
QNB holds the region’s largest balance sheet, with geographic diversification that dampens earnings volatility through cycles; its market valuation complements that scale. Al-Khalifa—group CEO since 2018 after progressing through the bank since the mid-1990s—pursues a prudent balance-sheet stance while advancing disciplined expansion, digital delivery and cost efficiency. He holds a business degree from Eastern Washington University. QNB is present in 28+ countries across three continents. 9M 2025 net profit: QAR 12.8bn (+1%).
Waleed Abdullah Al-Mogbel — market-cap leadership and a digital retail platform (Al Rajhi Bank).
Al Rajhi retains the region’s market-cap crown, underwritten by a dominant Islamic retail franchise and continued investment in digital channels. Al-Mogbel holds a PhD in auditing (Cardiff), an MSc in finance (Southampton) and a BSc in accounting (King Saud), with more than two decades across banking, advisory and governance. The bank’s footprint extends across Saudi Arabia, Malaysia, Jordan, and Kuwait. 9M 2025 net profit: SAR 18.41bn (+29.6%).
Shayne Nelson — selective expansion and strategic deals (Emirates NBD).
Emirates NBD maintains a top-five position through steady asset growth, diversified operations and cross-border expansion—anchored by the DenizBank acquisition in Türkiye and a 2025 strategic expansion in India that increases exposure to one of Asia’s largest markets. The group’s network now covers 13 countries. 9M 2025 net profit: AED 18.936bn (-0.3%).
Publication and updates
The full D-MENA Bank CEO Composite™ will be published annually in late January, following the availability of audited financials and the roll-up of end-January market-capitalisation ranks. Event-driven interim updates may be released throughout the year in response to significant developments—such as major mergers, capital actions, or notable shifts in market value. Each interim note will set out its trigger and timestamp to preserve transparency and methodological clarity.
Rights and disclaimer
D-MENA Bank CEO Composite™ is owned and edited by Dina Abdel Fattah. © 2025 Dina Abdel Fattah. All rights reserved. No part of this work may be reproduced, distributed, transmitted or exploited commercially without prior written permission. The content is provided for research and informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. The publisher disclaims liability for any decisions taken without independent sources and qualified advice.
Beta v0.9. Built on FY2024 results and updates through Q3 2025. Minor editorial or data adjustments may occur before the v1.0 full release in late January 2026.
