Dubai banks lead the UAE banking sector with a 46% share of deposits until August 2024
Recent data showsTo the Central Bank of the UAEDubai banks maintained their leading position in the UAE banking sector, as they topped the attractiveness of bank deposits by 46% of the total deposit balance, which amounted to 1.263 trillion dirhams until the end of August 2024. These figures reflected the strong performance of banks in the emirate, with continued growth in assets and investments.
Dubai banks’ assets exceed AED 1.9 trillion
Total assets owned by Dubai banks amounted to AED 1.926 trillion at the end of August, reflecting their strength in the local financial market. Investments in Dubai banks also recorded AED 278 billion during the same period.
Data indicates that credit granted by Dubai banks has witnessed a significant increase, reaching AED 940 billion in August 2024.
Abu Dhabi banks continue to lead in total banking assets
Despite the leadership achieved by Dubai banks in attracting deposits, Abu Dhabi banks remained at the forefront in their share of total banking assets in the country, recording AED 2.108 trillion. Abu Dhabi banks’ investments also witnessed an increase to AED 356 billion, with deposits increasing to AED 1.251 trillion.
As for other UAE banks, their assets recorded a cumulative balance of AED 343 billion, with deposits reaching AED 226.5 billion and credit reaching AED 340 billion at the end of August 2024, while investments rose to AED 60.5 billion, reflecting a remarkable stability in their performance during the recent period.
