| 10 Oct 2008 |
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Dubai most banked city
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Dubai was the most banked UAE emirate at the end of 2007 as it housed more than a third of the country's total bank branches.
Figures by the Emirates Banks Association (EBA), which oversees most national and foreign banking units in the UAE, showed 246 bank branches operated in Dubai at the end of 2007.
The number accounted for more than a third of the total 638 bank branches that operated in the UAE at the end of last year.
Abu Dhabi had the second largest number of bank branches, which stood at 224 while Sharjah, the third most populous emirate, had 90 bank branches.
The study showed there were 31 branches in Ras Al Khaimah, 27 in Fujairah, 21 in Ajman and eight in Umm Al Quwain. At the end of 2006, the bank branches in the UAE totalled 558 and the report attributed the increase in 2007 to expansions, mainly by national banks.
The number at the end of 2007 included 530 national banks and 108 foreign units while the number of head offices stood at 49, including 22 local and 27 foreign banks. Central Bank figures showed the number increased to 24 national and 28 foreign banks at the end of June 2008.
The UAE banks employed 32,100 people at the end of 2007 compared with 26,900 at the end of 2006. Their capital adequacy edged up to 16.87 per cent from 16.70 per cent in the same period.
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