Public Sector and Government Banks in the UAE

The UAE banking sector is closely linked to business. The UAE banks act as financial conglomerates that support companies of various sizes and types of activity. Opening an account in one of the UAE’s banks is an easy and straightforward procedure and is very convenient for foreign citizens who do business in the UAE.

According to the figures, there are 23 local and 28 foreign banks in the UAE. The UAE banking sector is quite competitive. The majority of international branches are situated in Dubai, the financial centre of the state. The Central Bank of the UAE is the biggest government bank in the country. It was founded in 1973 when UAE Dirham went into circulation. Its main tasks are to monitor the work of other banks, both government and private, take care of monetary policies and national currency and guarantee sustainable growth of the state’s economy.

The list of government banks in the UAE includes:

• National Bank of Abu Dhabi;
• National Bank of Fujairah;
• Union National Bank;
• National Bank of R.A.K;
• National Bank of Ajman.

The majority of the UAE, public sector banks, have representative offices in Dubai.

The Emirates NBD is a semi-government bank. It is one of the most influential financial entities in the UAE that tops the list of local banks from the point of view of their assets and market capitalization. It was founded in 2007 after the merging of Emirates Bank International and National Bank of Dubai. It has more than 220 branches over the state and is widely recognized as a reliable, rapidly growing bank. Apart from the UAE, Emirates NBD operates in Saudi Arabia, Egypt, Singapore, the UK, and India.

Services provided by the UAE government and semi-government banks include individual and business banking offering savings and checking accounts, wealth management, issuing debit and credit cards to its customers. Besides, they provide services related to digital banking and giving personal and business loans.

The future of the UAE banking sector, including its public sector banks, is secure. The share prices of UAE banks grow by 13-15% annually. It is, in fact, one of the highest rates in the world. The UAE banking sector is expected to grow further and expand, serving more clients and turning the UAE into a truly global financial hub. Both private and public sector banks in the UAE are very dedicated and customer-oriented. They offer world-class services aimed at meeting the needs of each client.