AED141.4 billion of UAE banks' investments in four GCC states
UAE banks invested up to AED141.4 billion during Q4 of 2019, a growth of 11.3 percent from AED127 bn during the preceding quarter, according to official statistics obtained by the Emirates News Agency, WAM.
The growth is reflective of the strong financial position enjoyed by the UAE banks and their successful expansionary monetary policy in Saudi Arabia, Bahrain, Oman and Kuwait.
Saudi Arabia took home the crown as the top-receiving country for UAE banks' investments with AED76.4 billion in Q4 of 2019, 17.5 percent up from AED65 bn in Q3. The UAE banks' investments in Saudi Arabia account for 54 pct of total banking investments in the four GCC states.
The investments amount to around AED24 bn in Oman, AED23 bn in Bahrain and AED18 bn in Kuwait.
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