Al Ghurair: 90% of services and transactions in banks in the UAE are "electronic"

Abdulaziz Al Ghurair: “The UAE is the undisputed first financial center in the region.”

Abdulaziz Al Ghurair, President of the Federation of Banks, said, "Bank revenues are expected to grow by 50% by 2030, to reach $25 billion (equivalent to 92 billion dirhams), supported by positive momentum and recent investments in technology."

He added, "About 90% of services and transactions in banks in the UAE are done electronically, while the use of (cash) in payments decreased to approximately 20%, during the period between 2017 and 2021."

Al Ghurair stated, in a speech during the second day of the activities of "Abu Dhabi Financial Week", that "the financial sector in the UAE is strong and solid and enjoys financial solvency," noting that "the assets of the banking sector have multiplied 12 times during the past 20 years from $ 75 billion ( 275 billion dirhams) in 2000, to more than 900 billion dollars (3.3 trillion dirhams) in 2022.

He pointed out that the use of digital services and the opening of accounts via the Internet increased by more than 50%, while more than 200 branches were closed, constituting 30% of the total branches in the UAE as a result of digital transformation.

Al Ghurair added, "The UAE is the undisputed first financial center in the region, and there is a major digital transformation in the performance of banks to keep pace with customers' requirements."

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