The United Arab Emirates plans to review financial laws and strengthen supervision of a banking sector that grew 28.8 percent in 2007, the central bank governor said on Monday.
Sultan Nasser Al Suweidi told a conference that the total assets of the banking sector grew 45 per cent to Dh1.2 trillion last year, while deposits grew 35 per cent to Dh750 billion. Banking profits reached Dh25 billion.
"Banks performed very well in 2007 compared to 2006, although in 2006 banks had exceptional performance," Suweidi said.
"Business and financial laws in the UAE will be reviewed, improved and those that don't exist will be introduced," he said, adding that banking supervision would become more robust as it will be placed under the umbrella of a special central bank committee.
Gulf Arab states have reaped a windfall from oil prices that have risen almost five-fold since 2002, spurring economic growth, and more business for local and international lenders. (Reuters)
UAE banking profits grow 28.8% in '07