UAE banks' local investments hit $4.90bln in 8 months

The total cumulative balance of local investments reached $47.50bln

  
United Arab Emirates Currency, Coins and Bills in a Pile. Dubai, United Arab Emirates.

United Arab Emirates Currency, Coins and Bills in a Pile. Dubai, United Arab Emirates.

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UAE – The local investments made by the UAE banks amounted to AED 17.7 billion in the first eight months of 2020, according to the latest data by the Central Bank of the UAE (CBUAE).

The total cumulative balance of local investments reached AED 174.35 billion in the first eight months of 2020, up 11.3% from 2019.

The proceeds of the UAE banks' investments, including bonds, Sukuk, and stocks, account for 25% of the banks' total revenues.

It is noteworthy to mention that in July, the local investment portfolio of UAE-based banks registered AED 173 billion.

Source: Mubasher

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