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UAE Banking Sector Overview

UAE Banking Sector OverviewAccording to the UAE banking sector statistics, there are 46 banks in total in the UAE including 21 domestic and 25 foreign banks. Banks located in Dubai and Abu Dhabi hold about 90% of the UAE banking sector assets. Since 2003 the UAE authorities have made considerable efforts to show their readiness to enter the global financial market. Until 2003 foreign banks did not have the right to open more than 8 branches within the country. The Central Bank of the UAE has played a very important role in the increase of the customers trust towards the banking sector.

All banks in the UAE fall into four broad categories depending on the type of their activities:

 

  • Commercial banks (provide money for commercial activity);
  • Investment banks (buy and sell stocks);
  • Islamic banks (engage in different types of activities, operating in accordance with religious beliefs);
  • Industrial banks (support production).

The following UAE domestic banks are the biggest and most influential ones in the state:

  • Emirates NBD;
  • National Bank of Dubai;
  • National Bank of Abu Dhabi;
  • Abu Dhabi Commercial Bank;
  • First Gulf Bank;

Recent reviews of the UAE banking sector that have analysed its assets, number of employees, interest rates paid and compensation indicate its steady growth. The current goals of the UAE banking sector is to maintain the growth, attract more internationally recognized banks and improve the reputation of the domestic ones, secure the stability of the financial system and create powerful risk departments. The UAE steady banking sector growth helps to establish its reputation internationally and in the region.

The UAE banking sector assets outperformed all other countries of the Gulf Cooperation with a total value of 2.61 trillion dirhams. The UAE banking sector is also widely recognized for its quality of service. Nowadays the banking sector of the UAE is becoming increasingly globalized.

Dubai is the financial heart and the bank centre of the country. The majority of foreign and domestic banks have offices here, many of them situated in the so-called Bank Street (Khalid bin al Waleed Road) in Bur Dubai district of the city.

The UAE banking sector can be categorized as highly focused on to international business environment with all the services being provided in Arabic as well as English languages.

Choice of bank depends on your preferences – if you need private or corporate account as well as how many transactions you regularly make and its size. If you need assistance is choosing a bank – contact us and we provide you the help to choose the best one.

 

 

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