Rise in UAE Banking Institutions to 241 by February 2024
The number of the operating UAE banking institutions rose from 236 at the end of 2023 to 241 by February 2024.
Mentioning that they are operating across five core activities.
Dominating the Market
The number of locally operating banks increased to 62, including 22 national banks and 40 Arab and foreign banks.
Over 51% of the total banks (32 banks) are concentrated in Dubai, with 8 national banks and 24 foreign banks.
While Abu Dhabi registered 22 banks, including 6 national banks and 16 from various nationalities.
Money Exchange Market is Stable
However, the number of licensed money exchange companies remained steady at 77.
Adding that the majority of money exchange companies (53) are located in Dubai.
Moreover, the number of foreign representative offices remained stable at 62, with 39 in Dubai, 22 in Abu Dhabi, and 1 in Sharjah.
While retail payment companies number increased to 15, with 13 licensed in Dubai and 2 in Abu Dhabi.
In fact, the rise in banking institutions indicates growth in the UAE’s financial sector.
Mentioning that Dubai concentrates most banks and money exchange companies, reflecting its importance as a financial hub.
Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is a key player in the UAE’s financial sector growth.
Established in 2004, it’s a special economic zone.
As it is designed to function as a financial and business hub for the Middle East, Africa, and South Asia (MEASA) region.
It is also housing the majority of UAE financial institutions with its exceptional innovative environment.
During the month of April, the UAE will witness a wide range of global events and activities that will consolidate its position as a global center for business, tourism and innovation in all fields. pic.twitter.com/P4yFHt5JiC
— UAE Voice (@uae_voiceeng) March 29, 2024
The stability in foreign representative offices and retail payment companies suggests continued foreign investment in the UAE.
Mentioning that UAE Banking Institutions will continue their development with the support of the UAE Leadership.
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