UAE residents’ savings up by Dh10 billion

SourceKhaleej Times
SectorFinancial Markets

UAE residents saw their savings go up in the first four months of 2021, data from the Central Bank of the UAE revealed. Funds saved in residents’ bank accounts in the UAE have increased by Dh9.77 billion to Dh199 billion during the first four months of 2021, compared to Dh189.22 billion at the end of 2020. It is projected that savings will grow further over the next few months.

Saving accounts in UAE national banks account for 88 per cent of their total balance. Suvo Sarkar, senior executive vice president and head of retail banking and wealth management, Emirates NBD, said the pandemic has put financial preparedness top-of-mind among customers and accordingly during this period there has been a positive increase in average account balances across customer profiles. “As it is said, it is a prudent practice to save first and spend what is remaining, rather than the other way around,” Sarkar said. “We continue to carry more...