Dubai, (IINA) : The General-Secretariat of the Union of Arab Banks (UAB) has announced the inclusion of 85 Arab banks among the top 1,000 banks in the world, WAM reported.

The United Arab Emirates ranked first for the number of banks listed with 20 banks, Saudi Arabia came second with 12 banks while both Lebanon and Qatar ranked third with 10 banks each, Bahrain ranked 4th (9 banks) and Kuwait ranked 5th (8 banks).

It is noteworthy that Saudi banks topped the list according to the total volume of assets, amounting to about $578 billion.

The UAB report was based on data published by The Banker Magazine, an English-language monthly international financial affairs publication.