National banks intensified the pace of their digital transformation, closing 88 branches, bringing the total number of branches of national banks at the end of last year to 735 branches, compared to 823 branches at the end of the same period in 2018.

And data issued by the Central Bank, yesterday, showed that the banks returned again to increase the numbers of their employees, during December 2019, after nearly a year of stability, or the decline in their numbers.

She indicated that the number of employees increased during December 2019 to reach 35,637 employees at the end of it, compared to 35,518 employees at the end of November, an increase of 119 employees.

Alloys and real estate financing

According to the data, the “Central” continued to increase its balance of gold bars in its assets held, increasing by 257% in December 2019, by a value of 4.044 billion dirhams, compared to 1.134 billion dirhams at the end of the same period in the previous year.

According to the data, the banks reduced real estate and infrastructure financing during 2019, with their cumulative balance at the end of December 311.4 billion dirhams, compared to 315 billion dirhams at the end of the same period in 2018, a decrease of 3.6 billion dirhams.

Dubai Banks

In another disclosure, the Central Bank data revealed that the banks operating in Dubai acquired 55.5% of the total financing provided by all banks operating in the state to the local market, with a total balance of 779.5 billion dirhams at the end of last November, while the rest was distributed over the rest of Emirates Emirates out of the total portfolio of loans directed locally, amounting to one trillion and 405 billion and 500 million dirhams.

Statistics showed that the lending directed to the local market by the banks headquartered in the Emirate of Dubai recorded a growth of 3.5% during the one-year period between November 2018 and November 2019.

Electronic services

Commenting on the Central Bank’s data, the banking expert, Muhannad Awni, said that there is a rapid shift towards electronic services, and at a greater rate than in previous years at the level of the banking sector.

He added: "All banks are now providing their services through the mobile applications, which means reducing the going to the branches that have become a high cost to the bank."

Awni explained that Dubai is a major commercial center, and the movement of trade and business there is wide, in addition to the relatively large population compared to the rest of the Emirates.

He pointed out that what distinguishes banks in the Emirate of Dubai is its focus more on individual financing, the retail, industry and trade sectors, noting that they are active sectors in which banks compete for granting financing.

Mergers

For his part, the banking expert, Amjad Nasr, said: “There is no longer a need for branches, as was the case previously. Almost all services are available on smartphones, in addition to the mergers that have also taken place in reducing the number of branches, and services are concentrated in the main branches and areas with a density High Population ».

Nasr pointed out that there are three Islamic banks in Dubai, as well as Emirates NBD, and foreign banks are based in Dubai.

311.4 billion dirhams of real estate and infrastructure financing by banks during 2019.

Dubai banks accounted for 55.5% of the total financing for the local market.

35.6

One thousand employees in the banking sector, December 2019.