Its assets grew 12-fold, from $75 billion in 2000 to $900 billion in 2022.

The UAE banking sector... the largest in the Arab world under the union

picture

Under the banner of the federation, the banking sector in the UAE has achieved great achievements and leaps and bounds, whether in terms of assets, the number of operating banks, the value of bank deposits or various financings, which constituted an important tributary of support for the various economic sectors.

According to the latest data of the Federation of UAE Banks, banks in the UAE have updated and developed the customer experience, as they were able to provide distinguished services remotely, and there was no longer a need for many branches, so they closed about 30% of their branches during the past five years.

origins

Over the past 22 years, the assets of the UAE banking sector have grown 12-fold, from $75 billion in 2000 to more than $900 billion in 2022.

The ratio of assets to the UAE's nominal GDP increased from 70% in 2000 to 250% in the current year, which is in line with the leading global markets.

The UAE has emerged as an undisputed major financial center in the region, and among the top seven centers in the world.

digital services

Banks have also made large investments exceeding $1 billion over the past five years in developing their financial technology and digital services.

Two private digital banks have been launched, while three existing banks have launched their own digital banks as well.

According to the Federation of Emirates Banks, banks have developed their digital services, and as a result, they have witnessed an increase in digital accreditation, as today 95% of all transactions for leading banks are digital, while the penetration rate of mobile banking services in major leading banks exceeds 90%.

Financial inclusion

According to the Union of Arab Banks, the UAE currently ranks first in the Arab world and 33 globally in the World Bank's financial inclusion index.

The UAE banking sector had a major role in reaching this level, due to its contributions to the growth of the national economy and GDP, which made it a major partner in economic and financial development.

A study prepared by the Studies and Research Department of the General Secretariat of the Union of Arab Banks on the development of the UAE banking sector, which is the largest Arab banking sector, showed that 83.2% of the UAE population (over 15 years old) have an account with an official financial institution.

At the gender level, 89.8% of males and 66.3% of females have a bank account.

Also, 78.6% of the low-income population in the UAE have bank accounts.

Continuous efforts

The high rate of use of financial services in the UAE comes as a result of the continuous efforts by the Central Bank and banks to facilitate access to official financial services for all sectors and segments of society, by encouraging banks to increase their branch network, offering innovative financial savings products, facilitating access to credit and spreading the use of modern payment methods. .

The UAE is a major financial center in the region...and among the top 7 centers in the world.

250%

The ratio of banking assets to the UAE's nominal GDP in 2022.

95%

Digital banking transactions.

90%

The prevalence of mobile banking services in major banks.

To view an electronic supplement.. The 51st Union Day, 

Follow our latest local and sports news and the latest political and economic developments via Google news