Emirates NBD takes first place on the list. The UAE institution has retained its number one spot as the region’s largest lender, with is its assets (including loans) growing by 11.3 per cent to $76.8bn in 2008.

Such is the scale of Emirates NBD’s operations that it is more than twice the size of the 10 banks that rank in the second half of the table combined.

With five GCC countries represented in the table - the exception being Oman - Saudi Arabia’s banks have performed the best. National Commercial Bank and Samba rank second and third, with assets of $59.1bn and $47.7bn respectively. Indeed, the seven Saudi banks that feature in the list this year have either maintained their positions or climbed the rankings since 2007.

Having recorded average asset growth of 15 per cent in 2008, the outlook for GCC banks in 2009 is healthy thanks to their governments’ monetary easing and fiscal stimulus packages. As the cash injections boost the flow of credit through the banking system, Gulf banks are expected to record another year of growth.

List of Special Report articles:

• Gulf banks ride out the downturn
• Credit markets tighten further in the Gulf
• Lebanese banks’ profits boost domestic lending
• Cairo seeks strength through banking reform
• Export agencies come to the fore in the region
• Commentary: Gulf banks should start lending