January 17, 2022
1 min read

80% growth in bank deposits in 10 years

Deposits at UAE banks grew 80% to AED1,884 bn in 2020 from AED1,049 bn in 2010, according to a report by the Federal Competitiveness and Statistics Centre…reports Asian Lite News

The report, which documents the developments witnessed by the banking sector over the past decades, highlights the steady growth in bank deposits to AED1.471 trillion in 2015 from AED1.049 trillion in 2010.

The document indicated that the number of commercial banks operating in the UAE totalled 58 in 2020 against 51 in 2010. It highlighted the major mergers between a number of national banks that produced the likes of Emirates NBD in 2007 and FAB in 2017 as well as the merger involving the Union, and Hilal banks with the Abu Dhabi Commercial Bank, and the Dubai Islamic Bank’s acquisition of Noor Bank in 2020.

ALSO READ: New deal to support creative entrepreneurs in Dubai

The report highlighted the fast pace of economic, urban and social development in the UAE over the past five decades and the resultant impact on the insurance sector, which represents one of the key drivers of the Gross Domestic Product.

The licensed companies working in the insurance sector increased from 238 in 2010 to 314 in 2015 to 406 in 2020, according to the report.

Previous Story

UAE and South Korea sign defence pact

Next Story

Egypt, UK ministers talk climate change agenda ahead of COP27

Latest from -Top News

Armed gangs kill dozens in Nigeria

A local state governor said “scores” of people had been killed in the attacks, which also saw homes and properties destroyed. Northeast Nigeria has been gripped by a deadly wave of violence

Children die as USAID aid cuts snap a lifeline

Trump administration cut more than 90% of USAID’s foreign aid contracts and $60 billion in overall assistance around the world. Programs serving children were hit hard Under the dappled light of a

US Lifts Syria Sanctions

Syria faces fragile reconstruction path despite sanctions relief. On Friday, the U.S. Treasury Department issued a general license authorizing financial transactions with the interim Syrian government, the central bank, and state-owned enterprises.
Go toTop

Don't Miss

Eid Mubarak

As the holy month of Ramadan draws to a close,

Women’s Day: Meet 5 Female Leaders in AI

MBZUAI champions gender equity in STEM in the Emirates, boasting