UAE bank deposits grew 80 per cent in 10 years

Deposits at UAE banks grew 80 per cent to Dhs1.884 trillion in 2020 from Dhs1.049 trillion in 2010.

According to a report by the Federal Competitiveness and Statistics Centre, which documents the historical developments witnessed by the banking sector, bank deposits grew 40.2 per cent to Dhs1.471 trillion in 2015 from 2010.

The document indicated that the number of commercial banks operating in the UAE totalled 58 in 2020 against 51 in 2010, official news agency WAM reported.

The UAE’s banking sector has also witnessed major mergers between a number of national banks, creating Emirates NBD in 2007 and FAB in 2017 as well as the merger involving Union National Bank, Al Hilal with the Abu Dhabi Commercial Bank, and the Dubai Islamic Bank’s acquisition of Noor Bank in 2020.

Read: Abu Dhabi banks ADCB, UNB and Al Hilal merge to create third largest UAE lender

The licensed companies working in the insurance sector increased from 238 in 2010 to 314 in 2015 to 406 in 2020, according to the report.

Read: Revealed: Top 10 banks in the UAE

Also read: What role do GCC banks play in the current economic crisis?