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09/10/2017 - 13:00hs
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Assets held by UAE banks up 1.75%

The country’s banking sector had USD 723 billion worth of assets in the first half of this year, the biggest amount of any Gulf Cooperation Council country and up 1.7% from the second half of 2016.



São Paulo – The United Arab Emirates banking sector ended the first half of this year with USD 723 billion in assets, up 1.7% from H2 2016, Gulf News reported.

Karim Sahib/AFP

UAE bank hold a combined USD 723 billion in assets

This means UAE banks have the most assets of any Gulf Cooperation Council (GCC) countries. The numbers were made public by the First Abu Dhabi Bank and include 48 banks.

Specialists say the UAE’s continually ranking first in the region evidences the sector’s solvency, as a result of the open financial and economic policy in place in the country, which encourages international financial institutions to invest there.

Saudi Arabia’s banking sector is the second biggest in the Gulf, with USD 611 billion in assets and 1.5% growth in H1 2017 from H2 2016. Kuwait placed third at USD 206 billion in assets, trailed by Bahrain at USD 185 billion and Oman at USD 80 billion.

The single bank with the most assets is the First Abu Dhabi Bank at USD 170 billion. Next come Saudi Arabian’s National Commercial Bank at USD 120 billion and the National Bank of Kuwait with USD 85 billion. The First Abu Dhabi Bank saw the biggest profit in the region, at USD 1.5 billion.

*Translated by Gabriel Pomerancblum

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