The UAE banking sector maintained its position as the largest in the Arab world with the combined assets of all banks growing 6.5 percent to Dh2.87 trillion in 2018 as the amount of credit extended grew five percent to Dh1.66 trillion, according to the UAE Banks Federation.
"As the sector embraces new initiatives and developments, and with increased regulation and compliance requirements, prospects for 2019 and beyond appear promising," UBF said in a statement on Wednesday.
In its annual report, the UBF shed light on the its significant progress and achievements of the UAE banking sector. While the total UAE bank deposits increased eight percent to Dh1.76 trillion last year, deposits of residents grew seven percent to Dh1.54 trillion as government deposits surged 16 percent to Dh290 billion. Deposits from government-related entities increased eight percent to Dh207 billion, while private sector growth went up by one percent to Dh1.01 trillion, said the report.
In the first seven months of 2019, UAE banks' saving account balances hit a record of circa Dh165.8 billion during the first seven months of the year, a nine...