1.24 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Dubai has the largest banking base in UAE

Top Arab banker warns of fresh global crisis. (EB FILE)

Published
By Staff Writer

Dubai has emerged as the largest banking base in the UAE as it is home to nearly a third of the financial sector's activity in the country, according to the Central Bank.

At the end of 2009, Dubai hosted 323 banking units, nearly 33 per cent of the total 956 offices and branches of the 52 banks operating in the UAE, the Central Bank said in its updated website.

The figures showed the UAE has 801 branches and offices of national banks, of which 276 are based in Dubai. Foreign branches stood at 155, of which 47 are in Dubai.

Abu Dhabi emerged as the second largest banking hub, hosting 167 branches of national banks and 27 offices of foreign institutions.

Sharjah came third with 104 branches of local banks and 15 of foreign units. There were 32 branches of national banks and five of foreign units in Ras Al Khaimah; 27 of national banks and two branches of foreign financial institutions in Fujairah; and 25 branches of local banks and two of foreign units in Ajman. Umm Al Quwain, the smallest emirate in the UAE, has 10 branches of national banks but no presence of foreign banking units.

A banking breakdown showed Dubai's Emirates NBD has the largest presence in the UAE, operating through 124 branches.

National Bank of Abu Dhabi is second with 104 branches, followed by Dubai Islamic Bank and Union National Bank, with 60 and 56 branches respectively. Abu Dhabi Commercial Bank, one of the largest banks in the region in terms of assets, has 49 branches. The report showed Bank of Sharjah has the smallest operation network through four branches.

As for foreign banks, HSBC has the largest presence in the country, with 24 branches. Standard Chartered and Citibank operate through 14 and 11 branches respectively. Besides the financial sector, Dubai is also the UAE's main commercial hub, controlling more than a fifth of the region's non-oil trade.

In 2008, Dubai's GDP of around Dh301.5 billion accounted for 32.3 per cent of the country's gross domestic product, second only to Abu Dhabi, according to the Ministry of Economy.