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|12 September, 2018

UAE banks continue to lead Gulf peers with $748bln worth of assets

The UAE banking sector grew by 2% compared to 2017

Image used for illustrative purpose. A customer makes a transaction at Emirates Bank in Dubai March 7, 2007.

Image used for illustrative purpose. A customer makes a transaction at Emirates Bank in Dubai March 7, 2007.

REUTERS/Mohammed Salem

ABU DHABI - The UAE banking sector has continued to top other GCC counterparts in terms of assets value during H1 2018, with a total value of AED2.7 trillion (US$748 billion), a growth of 2 percent compared to the end of 2017.

According to industry experts, the UAE banking sector’s leading edge corroborates the robust financial solvency it enjoys given the open financial and economic policy being adopted by the country, which resulted in encouraging many international financial institutions to invest in this sector.

The Saudi banking sector came second with a total asset value of $617 billion in H1 2018 followed by Kuwait with $215 billion, then Bahrain with $188 billion and finally Oman with $87 billion.

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First Abu Dhabi Bank (FAB) topped the Gulf banks with $188 billion worth of assets by the end of H1, while the Saudi National Commercial Bank's assets amounted to $121 billion, followed by National Bank of Kuwait with $90 billion and Bahrain Ahli United Bank with $34 billion as well as Bank Muscat with $30 billion.

The market cap of Saudi National Commercial Bank hit $38.9 billion during H1, followed by FAB with $36 billion during the same period, then comes the National Bank of Kuwait with $15.2 billion market value, Bahrain Ahli United Bank with $4.8 billion and Bank Muscat with $2.9 billion

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