Competitiveness and Statistics: 835 billion dirhams, an increase in bank deposits in 10 years
The value of bank deposits in the country increased by the end of the last decade to 1.884 billion dirhams, compared to 1.049 billion dirhams, with a growth rate of 80% and an increase of 835 billion dirhams, while the total commercial banks operating in the country at the end of 2020 reached 58 banks, compared to 51 banks at the end of 2010. According to the Federal Center for Competitiveness and Statistics.
In the report, "The UAE: Figures Document the March", the Center pointed out that the banking sector is a witness to the movement of economic development and prosperity over the past fifty years of the union, and evidence of the development process that extended throughout those years, with the country becoming a global hub for trade and business.
The report's data showed that the value of deposits in the banking sector in the country amounted to more than 1.884 trillion dirhams at the end of the year 2020, compared to 1.471 trillion dirhams in 2015, about 1.049 trillion dirhams in the year 2010, and about 170 billion dirhams in the year 2000.
The report stated that the UAE is today the first regionally, and one of the highest countries in the world in the World Bank's index of financial inclusion, and the coverage of diversified financial services, including banking and insurance services, for the largest number of the population, and the banking sector had a great role in reaching For his contributions to the growth of the national economy and local production, which made him a partner in the economic and financial development of the state.
The report pointed out that the commercial banks operating in the country amounted to 20 banks in the year 1972. Banking business officially started in the Emirates, in the period before the union, and it started its business before the establishment of the bank, ie the bank established in 1980. Many national banks were established to keep pace with the urban and economic development, the rapid development of trade movement, and the oil boom, which made the banks in the region the focus of attention of all, and the challenges of international banks.
In the year 2000, the number of banks in the country reached 46, bringing the number to 51 banks in 2010, 57 in 2015, and about 58 banks by the end of 2020, including 21 national banks.
The report reviewed the developments in the banking sector over the past years, as it witnessed major mergers between a number of national banks, such as the merger of the National Bank of Dubai and Emirates Bank to form Emirates NBD in 2007, then the merger of First Gulf Bank and National Bank of Abu Dhabi in 2017, and the formation of First Abu Dhabi Bank, then the merger of Union Bank and Al Hilal Bank with Abu Dhabi Commercial Bank in 2019, followed by Dubai Islamic Bank’s acquisition of Noor Bank in 2020.
The report pointed out the reflection of the development of economic, urban and social activity in the UAE during the past five decades on the insurance activity, which is classified among the main economic activities contributing to the gross domestic product.
The list of licensed entities operating in the insurance sector includes national insurance companies, branches of foreign companies, insurance brokers and agents, inspection and damage assessment experts, actuaries, and health insurance claims management companies.
The number of licensed entities in the insurance sector reached 406 entities by the end of 2020, compared to 314 entities in 2015 and 238 licensed entities in 2010.
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