UAE Business: UAE banking sector assets grow 12-fold to $900bn: Al-Ghurair – Gulf Digital News

UAE Business: UAE banking sector assets grow 12-fold to $900bn: Al-Ghurair – Gulf Digital News

UAE’s banking sector assets have grown 12- fold from $75 billion in 2000 to over $900 billion in 2022, a jump from 70% of the nominal GDP in 2000 to over 250% in 2022, said Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation (UBF).

This has positioned the UAE banking sector on par with the growth rate in leading global markets, he said at the Abu Dhabi Financial Week on November 15, 2022. The event, organised by Abu Dhabi Global Market (ADGM) in cooperation with the Department of Economic Development - Abu Dhabi, was participated by UAE Banks Federation as a strategic partner.

Addressing over 500 prominent investors and experts in the financial sector from 30 countries at the event, he said: “UAE banks are well capitalised and profitable, which are prerequisites to enhancing the stability of the sector in the long term, under the supervision of the Central Bank of the UAE.”

Essential platform

Al-Ghurair praised UAE Banks Federation’s strategic partnership with ADGM, which constitutes an essential platform for exchanging expertise and experiences to strengthen the banking and financial sector in the UAE through various initiatives and events.

He stated that today, UAE is among the top seven financial hubs in the world, noting that