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UAE banking sector with assets worth $771bln, tops Gulf states

Image used for illustrative purpose. Dubai International Financial Centre (DIFC) is an on-shore financial hub helping business and financial institutions to reach the emerging markets. Picture taken on May 7, 2010.

Image used for illustrative purpose. Dubai International Financial Centre (DIFC) is an on-shore financial hub helping business and financial institutions to reach the emerging markets. Picture taken on May 7, 2010.

ABU DHABI, 8th March, 2017 (WAM) -- The UAE’s banking sector came first on the list of the banking sectors in terms of asset volume in the GCC region, with a total value of about US$711 billion, over (AED2. 61 trillion) in 2016, according to statistics from the Central Bank of the UAE issued at the end of last year.

This reflects the extent of the sector’s importance, experts and analysts said.

The Saudi Arabia banking sector came second, with a total asset value of $602 billion, while the banking sector of Qatar came in third place with $349 billion, followed by Kuwait with $198 billion, Bahrain with $193 billion and finally Oman with around $70 billion.

In terms of banks with the largest assets, the anticipated merger between the National Bank of Abu Dhabi and First Gulf Bank came in the second place with around $183 billion, while the Qatar National Bank took first place with around $198 billion.

The Emirates National Bank of Dubai (Emirates NBD) came in third place with valued assets of $122 billion, followed by the National Commercial Bank of Saudi Arabia with $117 billion, the National Bank of Kuwait with $79 billion, Ahli United Bank at $34 billion and Muscat Bank at $28 billion.

The merger between the National Bank of Abu Dhabi and First Gulf Bank took the lead in terms of capital stock, whose value reached $26.6 billion, followed by the Qatar National Bank with around $16.5 billion, Emirates NBD with $14.7 billion, the National Commercial Bank of Saudi Arabia with $14.1 billion and the National Bank of Kuwait with $9.5 billion.

Banking expert, Tariq bin Hindi, said the ranking of the UAE banking sector’s in the first place in terms of asset volume, reflects the strength of the sector, giving it a stature and reputation not only at a regional level, but also at a global level.

He added that the UAE’s banking sector is not only characterised with its large asset volume, but also with its quality, noting that this could be seen through its increased financial solvency that exceeds the demands of international monetary institutions.

© Copyright Emirates News Agency (WAM) 2017.

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