The Emirati banking sector witnessed a three billion dollar increase in deposits at the end of 2001 reaching 183 billion Emirati dirhams ($50 million) compared to Dh170 billion in 2000. The UAE has 47 banks, 27 of which are foreign institutions.
According to UAE Central Bank figures, the majority of the growth came from individual deposits, which surged by Dh 9.4 billion in 2001. Commercial and industrial institution deposits increased by close to Dh 7.4 billion and private sector deposits grew by Dh 7.6 billion.
The growth of the UAE banking sector during the last 30 years has surpassed that of any other country in the region during this period. Even as it is over banked by at least two fold, all institutions keep growing. As of March 2001, total assets of the nation’s banks reached Dh 280 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com )