National banks attracted more deposits in the UAE in 2018 than foreign banks. Chris Whiteoak / The National
National banks attracted more deposits in the UAE in 2018 than foreign banks. Chris Whiteoak / The National
National banks attracted more deposits in the UAE in 2018 than foreign banks. Chris Whiteoak / The National
National banks attracted more deposits in the UAE in 2018 than foreign banks. Chris Whiteoak / The National

UAE banks grow deposits by 8% in 2018 to Dh1.76tn


Michael Fahy
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  • Arabic

UAE bank deposits increased 8 per cent to Dh1.76 trillion last year, according to the UAE Banks Federation.

Deposits of residents grew 7 per cent to Dh1.54tn, and government deposits climbed 16 per cent to Dh290 billion, according to the entity's new annual report. The figures also showed deposits from government-related entities increased 8 per cent to Dh207bn, but private sector growth only edged up by 1 per cent to Dh1.01tn.

Growth in conventional banks' assets outstripped those within Islamic banks, with conventional bank deposits increasing 9 per cent to Dh1.35tn, while conventional bank assets grew 5 per cent to Dh402bn.

The total amount of assets within UAE banks grew 6.5 per cent to Dh2.87tn, as the amount of credit extended increased 5 per cent to Dh1.66tn.

The UAE Banks Federation is made up of 52 member organisations, including 22 national banks, 28 foreign banks and two special status banks regulated by the UAE Central Bank. National banks took a greater share of the market last year, with deposits growing 10 per cent to Dh1.56tn, while the amount of money in foreign banks fell 5 per cent to Dh197bn. Overall, the number of foreign banks in the UAE declined by 1 to 38, and the number of (both foreign and domestic) branches fell by 31 to 823.

Despite this, the overall number of people employed by banks edged up 1 per cent to 36,629 on the back of domestic bank hires, "with most new hires being highly qualified in using [the] latest financial technology services", according to the report.

Abdulaziz Al Ghurair, chairman of the UAE Banks Federation and of Mashreq Bank, described 2018 as "a productive year" for the industry.

"The UAE banking and financial sector has maintained its robustness and high performance with a strong and diversified national economy, a safe and stable political and economic climate at the national level, and the optimal use of financial and human resources,” he said.

The report said that banks remained profitable and well-capitalised, with total net profit for 20 of the national banks growing 9 per cent to Dh41.6bn and capital adequacy ratios standing at 17.5 per cent.

It highlighted efforts made within the past year on developing an intelligence-sharing platform banks can use for cyber security to allow for live aggregation and analysis of threat data known as Tasharuk.

For the year ahead, the Federation warned that "new regulations and growing demands for digital products and services will create pressure on banks to invest in key areas of the industry, including, in particular, innovation and technology, risk culture and sustainability."

The specs
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Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
UAE currency: the story behind the money in your pockets
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SPECS
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The lowdown

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Director: Bryan Singer

Starring: Rami Malek, Lucy Boynton, Gwilym Lee

Rating: 3/5

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The specs

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While you're here
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Specs

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The specs: 2018 Infiniti QX80

Price: base / as tested: Dh335,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 400hp @ 5,800rpm

Torque: 560Nm @ 4,000rpm

Fuel economy, combined: 12.1L / 100km

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